Ads of financial services. OCCP initiated proceedings – Money.pl

Ads of financial services. OCCP initiated proceedings – Money.pl

2014-09-29 17:58

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/> President of the OCCP initiated against four financial institutions proceedings, during which check if their advertisements do not mislead consumers, and whether the way sufficiently informed customers about the cost of the proposed products.

He informed the Office of Competition and Consumer Communication administrative proceedings against the four financial institutions initiated on 17 September. They concern: Alior Bank (campaign guarantee lowest installment ), Bank of Food Economy (campaign Walnut Interest ), Euro Bank (campaign worth checking quality and price. Loan Cash with attractive interest rates from 5.7 percent. ) and Provident Poland (Campaign Try and stay ).

Concerns raised Office way of informing about the cost of credit. Important information for consumers about interest rates, the total amount to be paid and the annual percentage rate were not sufficiently exposed, and the time in which they were displayed, was disproportionately short total length of the ad. According to the OCCP customers of financial institutions who decided to take advantage of shown in this way offer, they may be insufficiently informed about the costs they will have to bear.

If the result of the investigation it turns out that entrepreneurs violated the collective interests of consumers may be imposed on them a financial penalty of up to 10 percent. previous year’s revenue.

Proceedings are the result of the monitoring of the financial market, which leads the OCCP. The report reveals that the Office received signals on the use by some institutions lack the expertise of consumers of financial products.

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OCCP notes that inaccurate or incomplete information provided in advertising financial products often result in consumers taking the unfavorable decision for them. The most common problems associated with the advertising of financial products are: too small font and a short time to display the information on the actual costs, lack of information about the promotions apply to selected customers, and suggestions that the offered product is a unique opportunity in the market.

As quoted in the release stressed the OCCP President Adam Jasser, every consumer has the right to a fair, full and clear information about the product or financial service to be able to compare offers on the market and take the optimal decision for themselves .

Banks and other financial institutions should be a model of integrity merchant, consisting in the fact that at each stage clearly, fairly and objectively inform them about the conditions, costs and risks, as well as assist you to choose the product to the real needs and opportunities Customer – said President of the OCCP.

Alior Bank and Provident Poland provided in positions transferred to the PAP that we always act in accordance with the law.

Alior Bank presents information credit parameters clearly and sufficiently long on the boards of the final TV spot. In our opinion, the design of commercials Alior Bank does not deviate from the practice in this area by other banks operating in the Polish market – wrote his spokesman Julian Krzyzanowski

We work closely with the Office of the explanation this case. At the same time, we ensure that our advertising messages always we make every effort to present comprehensible and information required by law. We believe that advertising increases security transparent use of financial services, however, due to the emerging divergence of interpretation in law, we see an additional need to develop best practices for the entire market: banks, JUMPS and loan companies – told PAP director of the department of corporate Provident affairs in Poland Patrycja Rogowski-Tomaszycki.

Euro Bank and BGZ would not comment on the decision of the OCCP. PR manager of the first institutions Anna Kula only confirmed that the bank received the notice of initiation and announced that therefore take the steps required by law, .