FAS opened the first case for violation of new rules on credit advertising
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The Federal Antimonopoly Service (FAS) of Russia opened the first case for violation of new requirements for credit advertising in relation to Pochta Bank. The service explained that the reason was inadequate information about the cost of the service.
“It contained in large print information that was attractive to consumers about the interest rate on the loan starting from 4%. However, information about other conditions affecting the cost of the loan (amount, term, condition for concluding an insurance contract, etc.) was placed in an explanatory footnote in a font that was difficult to read,” the statement says. message on the FAS website.
As the service explained, due to the violation, consumers received incomplete information about all the conditions that determine the cost of the loan. The FAS clarified that the bank will be held administratively liable for violating the law on advertising (Part 1, Article 14.3 of the Code of Administrative Offenses of the Russian Federation).
New credit advertising requirements came into effect on October 23, 2023. According to them, information about the range of values of the total cost of the loan must be indicated before mentioning interest rates. The font must be no smaller than the one used to indicate the loan rate.
More details in the text “Kommersant” “Conversation in elevated fonts”.
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