Federal Antimonopoly Service took part in the drafting of a creditor’s code targeted at protecting the bank borrowers, Head of Federal Antimonopoly Service in Sverdlovsk Region Tatiana Kolotova announced at a press conference on May 14, 2007.

‘There have been no banks with a lot of customers’ complaints over the last two years in this region, since our banks have to compete fiercely and thus play by the rules; however, there are some in the rest of Russia. These are Russian Standard Bank and Home Credit and Finance Bank Ltd.,’ Ms Kolotova said. She explained that Russian banks sometimes made a borrower sign insurance contracts with a certain insurer, especially when it came to car loans. The issue is now being handled by Federal Antimonopoly Service division responsible for financial market surveillance. The problem is becoming more and more pressing given the recent dramatic increase in consumer lending and consequent risk insurance practices.