The Central Bank of Russia today posted data about complaints it received in 2021.

In 2021, the regulator received 2,800 complaints about securities market participants, up 67.3% from the preceding year. Let’s note that the “securities market participants” category includes Forex dealers and brokers, inter alia.

The central bank attributes the rise in the number of such complaints to the substantial inflow of newbie retail investors into the securities market and the receipt of a significant number of complaints against companies with revoked licences. The total number of clients of the professional participants in the Russian securities market was over 54 million in the third quarter of 2021.

The number of complaints against banks declined most significantly (-27%), largely because customers had fewer questions regarding loan restructuring in connection with the coronavirus. Net of these applications that had been relevant in the first months of the pandemic, the number of complaints in 2021 edged down by 13.9%. However, more people sent complaints against banks related to fraud (+36.8%), mostly telephone and cyber fraud.

There was an increase in the number of complaints against microfinance organisations (MFOs) whih was largely provoked by the operation of an informal group violating or infringing upon consumer rights. The Bank of Russia excluded six organisations — members of that group from the register, which considerably reduced the number of complaints against MFOs at the end of the year.

The measures to prevent hard selling of extra paid services by banks and MFOs that became effective at the end of 2021 should contribute to a decrease in the number of complaints from borrowers.

The number of complaints against collective investment entities declined by 17.2%, predominantly as a result of a decrease in complaints about transfers from one pension fund into another.

As before, complaints about misselling (-1.1%) were mostly caused by incorrect sales of investment and endowment life insurance policies. New requirements that are to come into effect are poised to increase the value of such products for consumers and make them more transparent and understandable.