The Bank of Russia has introduced a new service enabling citizens to quickly lodge complaints regarding potential violations of their rights by financial institutions. This initiative, announced on June 2nd, aims to provide a streamlined process for reporting unfair practices.

Consumers can utilize this service to report grievances against banks, microfinance organizations, insurers, securities market participants, collective investment entities, and operators of financial and investment platforms. Complaints may include instances of imposed additional services during loan or mandatory car insurance applications, as well as issues related to insurance claim settlements.

The reporting process is simplified through a feedback form available on the Central Bank’s website. Notably, unlike the standard online reception, individuals can report violations even if they were not directly affected by the alleged misconduct.

These complaints will serve as alerts for the Central Bank to potentially conduct test purchases to investigate the veracity of the claims. If the reported violation is substantiated, the Central Bank reserves the right to implement supervisory measures. The findings of these investigations will be regularly published on the regulator’s official website.