The Ministry of Finance agreed on a bill to increase fines on banks for incorrectly transmitting data on the cost of a loan in loan advertisements, Izvestia has learned.

Authorities may double fines on banks for loan advertising violations

Therefore, fines can increase up to 1.6 million rubles. According to current legislation, penalties for incorrectly indicating data in advertising banking products are from 20 to 50 thousand rubles for officials and from 300 to 800 thousand rubles for legal entities.

The bill, sponsored by the Ministry of Justice and approved by the FAS, the Ministry of Finance and the Ministry of Economic Development, will be considered on February 5.

If the document is adopted, for officials the fines for these violations will increase to a range of 40 thousand rubles to 100 thousand rubles, and for legal entities – from 600 thousand rubles to 1.6 million rubles.

What is the total cost of the loan?

Includes any payment to the bank provided for in the agreement. Typically, this is the cost of obtaining insurance. However, sometimes this may include opening a bank account, paid notifications, and other services.

Last October, a law was passed requiring banks to include the full cost of the loan in their loan advertisements. To date, no information has been published regarding violations of this law by banks.

However, the FAS periodically issues warnings to credit institutions regarding violations of the advertising law. In particular, the service has recently opened four cases against Alfa Bank due to illegible footnotes with important information about the proposal.

Read the bank’s HR director’s column on creating comfortable conditions for employees by following the link


Natalia Gormaleva

Source: RB

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