In the nine months of 2023, data from the Bank of Russia shows more than 34.6 thousand consumer complaints originating in the Moscow region about financial services. This total marks a 19% decline from the same period in the previous year, according to the press service of the Main Directorate of the Central Federal District of the Bank of Russia.
Within Moscow itself, there were about 2.4 thousand inquiries filed from January through September 2023, down 22% from the prior year. In the Moscow region overall, the number of requests exceeded 10 thousand, reflecting an 11% year-over-year decrease. These shifts illustrate a broad cooling in consumer grievances across both urban and neighboring areas.
Approximately 63% of complaints relate to interactions with banks. The dominant topics among residents of Moscow and its surrounding region concern consumer loans, which accounted for nearly 14% of all requests, and mortgages, at about 6%. While the total volumes for these issues fell versus the previous year—more than 21% for consumer loans and more than 40% for mortgages—there was continued commentary from citizens about refunds for additional services that were charged in some cases.
Online channels are a frequent arena for disputes. Banks and microfinance institutions have been observed using pre-filled consent forms, various consulting certificates, SMS communications, and other services tied to borrowers’ insurance payments. The Bank of Russia has signaled it will impose supervisory measures on violators. Consumers are advised that it is possible to reject a service during the cooling-off period if it is mandatory or does not meet the agreed terms; the cooling period will extend to 30 days beginning in late January 2024, in accordance with recent changes to the law.
In Moscow and the Moscow region, insurers attracted roughly 3.4 thousand complaints, or about 9% fewer than in the same period of 2022. About half of these inquiries related to the methods used by insurance companies to calculate compulsory motor insurance. Most complaints stemmed from misinformation about the consumer characteristics of insurance services, with additional concerns about difficulties in processing payments.
Microfinance organizations in the Moscow region drew around 3.5 thousand complaints. Most grievances concerned restructuring or refinancing of microloan agreements and changes to the terms of those agreements. At the same time, reports about mis-selling—forcing the purchase of certain services under the guise of others—appeared to decline among microloan applicants.
There was also a note that the Central Bank has been pursuing cost-saving approaches in the realm of apartment payments, underscoring ongoing efforts to tighten control and transparency in how services are offered to consumers. Source: Bank of Russia press service