FAS IMPOSED FINE ON SBERBANK FOR VIOLATING ADVERTISING LEGISLATION
The conditions for obtaining the reduced interest rate on the loan were specified in small print which misled consumers
Earlier, a citizen appealed to FAS Russia with a complaint about the advertising of the loan of Sberbank of Russia PJSC, which was distributed on the air of federal TV channels.
In the advertisement of the Sberbank loan, information attractive to the consumer about the interest rate on the loan from 4.9 % was indicated and voiced in large font. However, data on other conditions affecting the cost of the loan and the possibility of obtaining it (amount, term, condition for concluding an insurance contract, etc.) were 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.
The Commission of FAS Russia recognized the loan advertising as improper (1). The authority issued a ruling to the bank to stop violation of the Law on Advertising.
An administrative offence case was also initiated against the organization. As a result of the review, the authority imposed a fine of 600 thousand rubles on the bank in accordance with the Code of Administrative Offences of the Russian Federation (2).
(1) Part 3 of Article 28, Part 7 of Article 5 of Federal Law of March 13, 2006 No. 38-FZ "On Advertising"
(2) Part 6 of Article 14.3 of the "Code of Administrative Offences of the Russian Federation" of 30.12.2001 No. 195-FZ