CBR Commission receives 646 applications for business reputation recovery - The Industry Spread

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CBR Commission receives 646 applications for business reputation recovery

July 16, 2020

Over the period of its operation, as of 1 July 2020, the Bank of Russia Commission received 646 applications from members of governing bodies, officials and owners of financial institutions who do not agree with the decision that their qualifications or business reputation do not meet current requirements.

The Commission started its work on 28 January 2018. It has sustained 291 complaints since then. 242 complaints were dismissed. Another 17 inquiries were declined due to the absence of information on the subject matter.  As of 1 July 2020, 6 complaints, for which the deadline had not yet come, were pending. 90 complaints were not reviewed as they failed to meet the established requirements.

The Commission received 21 complaints in the second quarter (the first quarter brought 70 complaints). Overall the Commission sustained 28 complaints in the second quarter. 16 complaints were dismissed (the figure includes complaints received in the first quarter).

The Bank of Russia has also published a review of the practices implemented by the Commission while processing the complaints in the first half of 2020. In order to keep applicants’ personal data confidential, the review provides a number of depersonalised examples based on complaints reviewed by the Commission, and an overview of the decisions taken.

Under the law, business reputation may be recovered if the applicant confirms their non-involvement in the decisions or actions (inaction) that entailed negative implications for the financial institution.

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