Central Bank of Russia reports rising consumer complaints, with microfinance grievances up 57.3%

The Central Bank of Russia reported receiving 323,200 complaints from financial consumers and investors from January to September 2026. Excluding repeat complaints and matters outside its mandate, complaints increased 8% year on year. Microfinance organizations recorded the largest increase, at 57.3%. This was linked mainly to debt relief companies, including advisers who charge borrowers to settle debts but whose actions can increase the amounts owed. Complaints against credit institutions rose by no more than 1.3%. Transaction refusals and account restrictions attracted the most complaints, although investigations found that unfounded restrictions fell sharply following proactive public communications. Complaints about refunds for subscriptions to additional services surged, with half directed at one bank already working to restore borrowers’ rights. By contrast, cyberfraud complaints fell 34.1%, while cases in which scammers induced people to transfer money or disclose data declined 44.8%. Investment life insurance complaints halved following the ban on sales to non-qualified investors from Jan. 1, 2026. Complaints about compulsory motor third-party liability insurance rose 2.1%, mainly concerning missed compensation and repair deadlines and difficulties concluding electronic contracts. Complaints against brokers and managers of unit investment funds fell 35.2% and 17.6%, respectively. Those against private unit investment funds increased 3.2%, with more problems reported concerning long-term savings agreements.