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Financial Consumer Protection

One of the Bank of Russia’s core functions is the protection of the rights of financial consumers, which is a prerequisite for the operation of the Russian financial market.

Consumer protection can be of two types: reactive and proactive, that is, the Bank of Russia either handles complaints and requests received from consumers, or identifies and eliminates market practices that might adversely affect financial consumers’ interests.

The Bank of Russia received 76,8 thousand complaints in Q1 2024.

Individuals can apply to the Bank of Russia for explanations regarding financial institutions’ operations or complain about violations of their rights by such institutions. If a company breaches laws or Bank of Russia regulations, the Bank of Russia will conduct an inspection and take supervisory response measures where needed.

Except for the cases provided for by federal laws, the Bank of Russia does not intervene in contractual relations between financial institutions and their clients. Therefore, it is essential to read a contract carefully so as to confirm its terms conscientiously.

It is also essential to remember that there are many financial services that a client is entitled to reject without any penalties during 14 calendar days after signing a contract. Moreover, this period is 30 days for the additional services purchased together with a loan.

If there are any property-related claims to a financial institution, an individual may apply to the financial ombudsman to resolve the dispute out of court. This help is provided to people free of charge, and the ombudsman’s decision is mandatory for financial institutions.

If the financial ombudsman cannot resolve the dispute, the consumer can file a legal claim against the financial institution.

How to apply to the Bank of Russia

Individuals may contact Bank of Russia specialists through the call centre or in the chat of the mobile application CB Online. Chat operators are ready to answer any questions about financial products and services, give advice about appropriate actions in a complicated situation, check information about a financial institution, etc. on a 24/7 basis.

If you wish to promptly resolve a controversial situation, please apply directly to the bank, insurance company, or another financial institution. They must respond to your application during 15 business days (and may extend the period by no more than 10 business days). If you are not satisfied with the response received from the financial institution, you may apply to the Bank of Russia via its online reception.

The Bank of Russia will review the application and respond to you within 30 days. If the situation requires a scrupulous supervisory investigation, this period may be extended to 60 days.

Please attach the financial institution’s response to the complaint sent to the Bank of Russia. If there is no such attachments (except in the cases provided for by law), the Bank of Russia will forward your application to the financial institution you complain about within seven business days. The company is obliged to respond to you and forward a copy of the response to the Bank of Russia.


Department responsible for publication: Service for Consumer Protection and Financial Inclusion
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Last updated on: 01.07.2024