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Bank of Russia Commission receives 555 applications for business reputation recovery

16.01.2020 16:52 / The Bank of Russia

The Commission reviewing complaints about the Bank of Russia’s decisions on non-compliance with qualification or business reputation requirements received 555 applications over the period of its operation, according to the data as of 1 January 2020. The Complaint Review Commission started its work on 28 January 2018. It reviews complaints from officials and major shareholders (stakeholders) of credit and non-bank financial institutions about recognising them incompliant with the applicable requirements.

During this period, the Commission upheld 239 complaints and dismissed 205 complaints. Another 17 inquiries were declined due to the absence of information on the subject matter. As of 1 January, 13 complaints were pending (under consideration). 81 complaints were not reviewed as they failed to meet the established requirements.

In addition, it is worth noting an upward trend in the number of complaints received by the Commission in 2019 (330) compared to 2018 (225). One of the reasons for this increase was the simplification of the procedure for individuals to find out whether databases contain information about them (the relevant service has been available on the Public Services Portal since 2 August 2019; as of 1 January 2020, inquiries numbered over 5,000).

Overall, as of 1 January 2020, the database included information on 7,504 persons whose activities are associated with financial institutions.

According to the effective law, appellants’ business reputation may be rehabilitated if they provide evidence of their non-involvement in the actions (inaction) that entailed adverse consequences for a financial institution. In this case, the Commission’s decisions constitute a legal ground for the Bank of Russia to remove the information on a complainant from the relevant database.

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