FAS RUSSIA INITIATED A CASE ON VIOLATION OF THE LAW ON ADVERTISING AGAINST ALFA-BANK

The bank’s advertisements did not mention essential conditions for providing one of its products and misled consumers

FAS Russia received a citizen’s appeal with claims to the advertisement of the loan Alfa-Bank JSC, which was broadcast on the TV channel MATCH TV. In the commercial the information about the minimum rate of 4.5 % was voiced and given in large print. At the same time, the format and timing of the illustrative footnotes with the rest of the conditions did not allow for a full reading of the text.

Besides, the advertisement claimed that "Alfa-Bank is the best mobile bank", followed by an explanatory link: "according to Markswebb". However, it could not be considered as an objective criterion for comparing product advertised by Alfa-Bank with products of other banks.

According to the Law on Advertising*, if an advertisement of credit or loan contains at least one condition affecting on its value, it must also communicate with all other conditions that determine the full value of the product.

FAS Russia has initiated a case against Alfa-Bank JSC on the grounds of violation of the Law on Advertising**. If the organization is found guilty, it faces a fine.

* Part 3 of Article 28 of the Federal Law of March, 13 2006 No. 38-FZ "On Advertising"

** Paragraph 1 of Part 2 of Article 5, Part 7 of Article 5 and Part 3 of Article 28 of the Law on Advertising