Izvestia: From 2025, banks may see their fines for deceiving Russians increased several times
They wanted to increase fines for deceiving consumers many times over. This was discussed in a conversation with “Izvestia” said Mikhail Mamuta, head of the Central Bank’s service for consumer protection and accessibility of financial services.
According to him, unfair practices of credit institutions should entail serious consequences. Mamuta said that at the moment a draft of the relevant document is being prepared for submission to the State Duma. “I expect that this will happen in the near future, so that the law can be adopted this year,” he added.
The head of the State Duma Committee on Financial Markets, Anatoly Aksakov, noted that fines for deceiving Russians could be increased to 0.1 percent of the bank’s capital, and if the law is adopted in 2024, it will come into effect in 2025. If the bank does not eliminate the violation after the Central Bank’s order, the fine could increase 10-fold, to 1 percent of the capital.
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The new fines will become a serious burden for banks, believes Olga Malyugina, CEO of the investment platform Nibble Invest. For the country’s largest credit institutions, they could amount to several billion rubles, while now the fine for legal entities for such violations is only 20-40 thousand rubles.
Earlier, the Central Bank reported that in June 2024, consumer price growth in Russia slowed somewhat. Inflation was 0.64 percent (versus 0.74 percent in May). In annual terms (seasonally adjusted), monthly price growth decreased from 10.7 to 9.3 percent, but this is still significantly higher than the figures for January-April of this year.
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