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The Cabinet of Ministers proposed increasing fines for banks for violations when advertising loans

Fines for banks that violate rules on declaring interest rates on loans could be doubled, according to a bill currently under consideration in the State Duma. Rossiyskaya Gazeta reports about this.

The purpose of the new rules is to prevent consumer fraud. At the end of last year, a law came into force requiring banks to indicate in large print information about the full cost of loans as a percentage per annum.

According to the proposed changes, bank officials who violate the requirements of the law may be fined in the amount of 40 to 100 thousand rubles, and legal entities – from 600 thousand to 1 million 600 thousand rubles. Vladimir Gruzdev, chairman of the board of the Russian Lawyers’ Association (RBA), said these changes will help protect the rights of citizens.

The proposed initiative also applies to microfinance organizations. Maria Verkhovskaya, deputy chairman of the Union of Lawyers-Bloggers at the Law Firm, noted that there are special requirements for advertising financial services and activities, including a ban on concealing conditions that affect income or expenses.

Rules about declaring the full cost of the loan must be stated before mentioning interest rates, using a font no smaller than that used to indicate the rates. This requirement also applies to advertising with sound design.

If an advertisement violates the law, consumers can contact the Federal Antimonopoly Service. A complaint can be submitted through the Gosuslugi portal, attaching evidence of the violation, for example, screenshots of inappropriate advertising.

Earlier it became known that Russians were explained about the period for taking into account income when assigning a single benefit. More about this read the material Public News Service.

It was also reportedthat banks did not support the establishment of turnover fines for the leakage of personal data of clients, thus expressing their opinion regarding the bill under consideration.

Message The Cabinet of Ministers proposed increasing fines for banks for violations when advertising loans appeared first on Public news service.

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