FAS opened a case against Sberbank due to the imposition of services – Kommersant
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The Federal Antimonopoly Service (FAS) of Russia opened a case against Sberbank (MOEX: SBER) and its subsidiary insurance company Sberbank Life Insurance (SberStrakhovanie). According to information departments, their actions when insuring mortgages revealed signs of concluding an anti-competitive agreement.
“The FAS received requests from citizens to impose the Domklik Plus service package, which includes a life and health insurance policy from the SberLife Insurance company and other services. This package provides a 1% discount on the interest rate under a mortgage lending agreement with Sberbank,” antimonopoly officials explain.
The department emphasized that if the guilt of Sberbank and Sberbank Life Insurance is established, then both companies may face turnover fines based on the amount of revenue on the market in accordance with the Code of Administrative Offenses of the Russian Federation.
In August became known about massive complaints from Sberbank clients that the financial institution made the reduced rate on its programs dependent on the purchase of a package of services from its insurance company and a subscription to SberPrime. The FAS then confirmed that providing a discount to the mortgage rate subject to the purchase of the services of a certain insurance company contradicts the principles of the “General Exceptions”, which describe cases of admissibility of agreements between banks and insurers. “The borrower should have the opportunity to change the previously chosen insurance company during the entire loan term without changing the interest rate,” the antimonopoly service said. The Central Bank also said that any practices that artificially limit the rights of consumers to independently choose additional services or insurance products to reduce interest rates are considered unfair.
Read more in the article “Kommersant” “The low rate was insured”.
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