FAS ISSUED A WARNING TO TINKOFF BANK JSC

The bank distributes a video on YouTube about brokerage services, which contains an incorrect comparison

Earlier, the Authority received an appeal from the Bank of Russia about signs of violation of antimonopoly legislation in the video of Tinkoff Bank JSC, which is broadcast on YouTube. A comparative phrase "And the best in our time is Tinkoff Investments" is used in the materials without specifying objective comparison criteria.

Such actions may contribute to obtaining unjustified advantages over competitors and contain signs of violation of the Law on Protection of Competition.*

According to the Authority, due to considerable interest of citizens and legal entities in the stock market, compliance with fair competition principles in the brokerage market is especially important.

The FAS Russia has issued a warning to Tinkoff Bank JSC on termination of actions containing signs of violation of antimonopoly legislation. The Bank is obliged to indicate in the video all the necessary data confirming the information in the video, or delete the controversial materials and report it on its website. The warning must be executed within 10 days after it is received and a report must be submitted to the Authority.

Reference:

* Article 14.3 of the Law on Protection of Competition