FAS fined Sberbank of Russia for advertising legislation violation

FAS fined PJSC Sberbank of Russia for advertising legislation violation.

Conditions for obtaining a reduced interest rate on loans were indicated in small print, which misled consumers.

Earlier, a citizen filed a complaint with the Federal Antimonopoly Service of Russia about an advertisement for a loan from PJSC Sberbank of Russia, which was distributed on the air of federal TV channels.

In the advertisement of the Sberbank loan, in large print, attractive information was indicated and voiced for the consumer about the interest rate on loan from 4.9%. However, data on other conditions affecting the cost of the loan and the possibility of obtaining it (amount, term, condition for concluding an insurance contract, etc.) were placed in an explanatory footnote in a font challenging to read for a short time. Thus, consumers receive incomplete information about all the loan conditions determining its cost.

The Commission of the Federal Antimonopoly Service of Russia recognized the loan advertisement as improper. The Antimonopoly Office ordered the bank to stop violating the Advertising Law.

An administrative offense case was also initiated against the organization. Based on the results of the consideration, the service fined the bank 600 thousand rubles following the Code of Administrative Offenses of the Russian Federation.