FAS ISSUED A WARNING TO SINARA BANK

The organization posted false information about the fees for servicing the brokerage account on the website

The FAS Russia received an appeal from a citizen about signs of violation in the actions of Bank Sinara PJSC.

The bank's website provided information attractive to consumers about the free servicing of clients' brokerage accounts. However, the significant limitations of such an option were not specified. In case of non-compliance, the organization charged a fee of 3,000 rubles from the client's account.

According to the Authority, such actions may contribute to obtaining unjustified advantages over competitors and contain signs of unfair competition.*

The FAS Russia issued a warning to Sinara Bank on eliminating the consequences of violations of antimonopoly legislation. The Bank is obliged to inform clients about the cost of servicing a brokerage account on its website, as well as send personal notifications to clients who have concluded a brokerage service agreement during the period of posting false information.

The warning must be executed within 10 days of its received and a report must be submitted to the Service.

Reference:

* Article 14.2 of the Law on Protection of Competition