Central Bank of Russia recommends banks to improve customer service, explain grounds for blocking transactions
MOSCOW. March 5 (Interfax) - The Central Bank of Russia has threatened to issue orders to banks if they continue violating the deadlines for preparing responses to client complaints, and advised that banks provide better explanations to clients on their grounds for blocking transactions.
"First and foremost, I want to note the positive trends in consumer rights protection. We can see this from the decrease in complaints about obtrusive sales tactics, unsuitable sales and misinformation. From the complaints, we can also see new problems arising. I would like to highlight two of these. The first is that banks are violating the deadlines for processing customer complaints, which were introduced by a law in 2024. People are complaining (and, unfortunately, these complaints are increasing) that responses are delayed and they are receiving unsubstantial formal replies which do not solve their problem. In some cases, there are no replies at all. And if the quality of responses to people's queries [...] does not change for the better, we will do more than just give recommendations. We are now working on the level of recommendations, as is often the case. We warn you that if the violations recur, banks will be given orders, including fines, and we will publish information about this on our website, so that clients know what to think about whom," CBR Governor Elvira Nabiullina said at the regulator's annual meeting with credit organizations.
"The second thing is how banks are working with queries from clients who have had transactions blocked under legislation designed to prevent money laundering and fraud. We have already discussed this matter with you multiple times and it is a fairly pressing one for your clients. But I will emphasize once more - we receive a large number of complaints that are directly related to the fact that after the transactions are restricted, people do not understand why they were restricted and what to do, where to go in order to lift these restrictions, especially when people are sure of their own integrity," she said.
Nabiullina said that the growth in complaints had halted at the end of last year and banks' communication with clients had improved, but "the situation is still far from ideal".
"We propose taking a proactive approach here [...] Not waiting for clients to come to you, but, if a client's transactions are restricted, you need to proactively inform your client of the steps which he needs to take and why this has happened. Do not limit yourselves to just citing Federal Law No. 161 or No. 115, as it is sometimes done, so that the client has to work it out himself - provide a detailed explanation. By the way, some banks are already doing this without us having to suggest it. Some provide the information by phone, others invite clients into the office and others do it in the chat. We intend to give recommendations on this, on how best to work with clients in order for the client to understand which approach will actually be taken with him. We ask that you take a proactive stance in this," she said.
