FAS IMPOSED FINE ON POCHTA BANK JSC FOR VIOLATION OF ADVERTISING LEGISLATION

The conditions for obtaining a reduced interest rate on the loan were indicated in small print, which misled consumers

Earlier, a citizen complained to FAS Russia on advertisement of the bank's "Guaranteed Rate" option when issuing a loan, which was distributed on a roller display in Moscow.

It indicated in large print attractive information for the consumer about the interest rate on the loan from 4 % with the service "Guaranteed Rate ". However, data on other conditions affecting the cost of the loan and the possibility of participating in the promotion (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 promotion that determine the cost of the loan.

Commission of FAS Russia recognized the advertising of the loan as improper.* The authority issued remedies to the bank to stop violating the Law on Advertising.

An administrative offense case was also initiated against the organization. As a result of its consideration, the authority imposed a fine on the bank for 500 thousand rubles in accordance with the Administrative Code of the Russian Federation**.

* 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