FAS IMPOSED A FINE ON POCHTA BANK FOR FAILURE TO COMPLY WITH REMEDIES

The bank distributed inappropriate advertising of financial services

Earlier, a citizen complained to FAS Russia about the advertisement of Pochta Bank. 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 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 that determine the cost of the loan.

FAS Russia recognized the advertisement as improper*, issued remedies to stop violating the advertising legislation and imposed a fine on Pochta Bank. The company reported on the execution of remedies, but demonstration of inappropriate advertising continued.

For non-compliance with remedies, FAS Russia initiated an administrative case and imposed a fine of 400 thousand rubles on the bank in accordance with the Administrative Code of the Russian Federation*.

* 2.4 Article 19.5 of the Administrative Code of the Russian Federation

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