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26 may 2022, 12:57
On 25 May 2022 Chief Financial Ombudsman Yury Voronin took part in the annual meeting of the Association of Russian Banks held on 25-26 May 2022. The topic of the meeting was “Regulation of commercial banks by the Bank of Russia”.
The Chief Financial Ombudsman made a presentation at the session of “Current Issues of Bank Regulation and Supervision” on “The Results of the Financial Ombudsman Service (FOS) Consideration of Disputes of Consumers of Financial Services with Credit Institutions in 2021 and Q1 2022, and Proposals on Improving Mechanisms for Protection of Rights of Banking Services Consumers”. The session was also attended by Georgy Luntovsky, President of the Association of Banks of Russia; Anatoly Aksakov, Chairman of the State Duma Committee for Financial Market and Chairman of the Council of Association of Banks of Russia; Dmitry Tulin, First Deputy Chairman of the Bank of Russia; Olga Skorobogatova, First Deputy Chairman of the Bank of Russia; Alexey Moiseev, Russian Deputy Finance Minister; Maria Filatova, First Deputy General Director of the Deposit Insurance Agency State Corporation.
Yury Voronin, in his speech, reminded that the Financial Ombudsman started to consider applications of consumers of financial services in relation to credit institutions on 1 January 2021. For the year 2021 and the 1st quarter of 2022 the Service received more than 220 thousand applications, among them more than 17 thousand appeals concerning credit institutions, which is almost 8% of the total number of appeals received by the Service. More than 5,500 of these appeals were considered to the point by the Financial Ombudsman.
The share of appeals considered to the point in respect of credit institutions is quite low – just over 30% of the appeals received in respect of credit institutions. Yury Voronin clarified that there is reason to believe that in 2022 this share is to increase, as the Financial Ombudsman has been considering appeals against credit institutions for only a little more than a year. “The FOS annually implements various services for consumers of financial services, simplifying the procedure for them to appeal to the Financial Ombudsman. This should also have an impact on the number of appeals received,” Yury Voronin noted.
Most of the appeals considered for 2021 and the 1st quarter of 2022 were connected with consumer lending. Within this category, more than 80% of the appeals contained claims related to credit insurance.
Yury Voronin spoke about the formed approaches to the resolution of a number of disputable issues based on the results of consideration of appeals by the Financial Ombudsman. The Chief Financial Ombudsman in his speech also voiced a number of violations and unfair practices that had been identified when reviewing appeals against credit institutions, and also touched upon the protection of rights of consumers of credit institutions in terms of amending legislation and clarifying the procedure for its application.
