PRESIDENT OF RUSSIA SIGNED A LAW ON INCREASING FINES FOR SPAM CALLS AND VIOLATIONS IN ADVERTISING OF FINANCIAL SERVICES
It will help to reduce the number of such violations
Violations in advertising distributed via telecommunication networks, as well as in advertising of financial services, are the most frequent. According to the statistics of the FAS Russia, in 2023 they collectively accounted for about 50% of the total volume of detected violations of the Law on Advertising.
After the law* enters into force, fines for violations in advertising of a credit or loan will become twice as high: for legal entities the amount of the fine will range from 600 thousand rubles to 1.6 million rubles**.
For the distribution of advertising via SMS messages or calls without the consent of the subscriber, the upper threshold of the fine for legal entities will amount to 1 million rubles, for officials - 100 thousand rubles.
The document will increase the effectiveness of control measures in the advertising market. It is expected that the innovations will lead to a reduction in such violations of the Law and will help to protect consumers from intrusive advertising and from being misled about the cost of financial services.
*The Federal Law of April 6, 2024, No. 78-FZ “On Amendments to Articles 3.5 and 14.3 of the Code of Administrative Offences of the Russian Federation”
** Previously, for legal entities the amount of the fine for violations in advertising of a credit or loan ranged from 300 thousand rubles to 800 thousand rubles.