FAS IMPOSED FINE ON BANK OTKRITIE FOR VIOLATING LEGISLATION ON ADVERTISING

The conditions for obtaining a reduced interest rate were indicated in small print, which misled consumer

Earlier, a citizen appealed to FAS Russia with a complaint about the advertising of the loan of Bank FC Otkritie PJSC, which was distributed on the air of federal TV channels.

In the advertisement, information attractive to the consumer about the interest rate on the loan in the amount of 8.9 % was voiced and displayed in large font. The text with other conditions affecting the cost of the loan and the possibility of obtaining it (amount, term, condition for concluding an insurance contract, etc.) was placed in an explanatory footnote in a hard-to-read font for a short time. Thus, consumers received incomplete information about all the conditions of the loan that determine its value.

Commission of FAS Russia recognized the loan advertising as improper*. FAS Russia issued a ruling to Bank FC Otkritie PJSC to stop violating the Law on Advertising.

An administrative offense case was also initiated against the organization. As a result of the review, FAS Russia imposed on the bank a fine of 300 thousand rubles in accordance with the Code of Administrative Offences the Russian Federation**.

For reference:

* Part 3 of Article 28, Part 7 of Article 5 of Federal Law No. 38-FZ of 13.03.2006 "On Advertising".

** Part 6 of Article 14.3 of the "Code of Administrative Offences of the Russian Federation" of 30.12.2001 No. 195-FZ.