FAS INITIATED FIRST CASE FOR VIOLATION OF NEW REQUIREMENTS FOR CREDIT ADVERTISING

The Authority revealed signs of a violation in the advertising of Pochta Bank JSC

According to the law that entered into force on October 23, 2023, information on the range of values of the full cost of the loan must be indicated before mentioning interest rates, and the font must be at least the font that indicates the rate.

The FAS Russia received a citizen's complaint about the Post Bank advertisement, which was distributed on screens in public transport in Moscow and the Moscow region. It indicated in large print attractive information for the consumer about the interest rate on the loan from 4 %.

However, data on other conditions affecting the cost of the loan (amount, term, condition for concluding an insurance contract, etc.) were placed in an explanatory footnote in a difficult-to-read font.

Thus, consumers received incomplete information about all the conditions that determine the cost of a loan.

The Service has initiated a case in relation to the Pochta Bank JSC on the grounds of violation of the Law on Advertising.* In case of a violation, the bank will be brought to administrative responsibility in accordance with the Administrative Code of the Russian Federation.**

Earlier, the FAS Russia recognized inappropriate advertising of the Pochta Bank's “Guaranteed Rate” option and fined the organization 500 thousand rubles.

Reference:

* Part 3 of the Article 28 of the Federal Law “On Advertising”

** Part 1 of the Article 14.3 of the Code of Administrative Offences of the Russian Federation of December 30, 2001 No. 195-FZ.