The Central Bank of Russia reported that individuals have submitted 500 reports of potential consumer rights violations by financial institutions via its fast reporting service, prompting more than 20 test purchases across 14 institutions. Where breaches were confirmed, the central bank has applied supervisory measures and has forwarded some reports to other authorities within their mandates. The service, launched in June 2025, is intended to collect information on potential misconduct in the financial services market. The most common issues involved misleading information or inappropriate advice, including claims that consumer loans could not be obtained without purchasing insurance and the use of distorted names for additional services bundled with loans to conceal their true nature. The update also cited insurers’ unreasonable refusals to conclude compulsory motor third-party liability insurance contracts with motorcyclists.
Central Bank of Russia 2025-10-07
Central Bank of Russia conducts test purchases and takes supervisory action following 500 consumer rights reports via its fast reporting service
The Central Bank of Russia received 500 reports of potential consumer rights violations via its fast reporting service, leading to over 20 test purchases across 14 financial institutions. Confirmed breaches resulted in supervisory measures, with some cases referred to other authorities. Issues included misleading information, inappropriate advice, and insurers' unreasonable refusals to conclude compulsory motor third-party liability insurance contracts with motorcyclists.