Following the receipt of 500 reports from individuals about potential violations of consumer rights, the Bank of Russia has carried out more than 20 test purchases at 14 financial institutions.
The fast reporting service, which allows consumers to quickly send information about possible violations by financial institutions, was introduced in June 2025. According to the Bank of Russia, this initiative is intended to improve transparency and consumer orientation in the financial services market.
Most of the reported violations involved misleading information or inappropriate advice provided to clients. For example, some bank customers were told they could not obtain a consumer loan without purchasing insurance, or were given a misleading name for an additional service bundled with a loan, obscuring its true nature. There were also cases where insurers refused, without valid reason, to issue compulsory motor third-party liability insurance contracts to motorcyclists.
The Bank of Russia stated: “The Bank of Russia has taken supervisory measures against financial institutions where violations were confirmed and has referred some reports to other authorities according to their mandates.”
The central bank’s actions are part of ongoing efforts to protect consumers and ensure fair practices within Russia’s financial sector.
