The Federal Antimonopoly Service (FAS) of the Russian Federation opened a case against Alfa-Bank for violations in mortgage advertising.
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The bank distributed advertisements on the radio stating that the mortgage rate was 5.6% and that the limit for purchasing an apartment in a new building was up to 30 million rubles.
“However, other essential conditions, such as the term, interest rate limits and the availability of an initial payment, were not specified,” the antitrust authority said in a statement.
The FAS also noted that the advertisement said that Alfa-Bank JSC’s product was “the best mortgage in Russia.” At the same time, the credit institution did not indicate objective criteria for comparing services.
The agency believes that such bank actions may mislead consumers and contain signs of violation of advertising law. FAS will evaluate the bank’s advertising and, in case of violations, impose a fine.
In early April The FAS opened the fifth case against Alfa-Bank for illegible footnotes in advertising.
Author:
Anastasia Marina
Source: RB
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