FAS ordered Sberbank and Yandex to stop inappropriate advertising

The Federal Antimonopoly Service (FAS) has ordered Sberbank and Yandex to stop distributing inappropriate advertising. This was announced on August 11 by the press service of the department.

"The FAS of Russia received a citizen's complaint about an online advertisement for a car loan from Sberbank of Russia, which was distributed using the Yandex Direct service.
The advertising banner contained information about the possibility of obtaining a loan for the purchase of a vehicle. However, there was no warning phrase in the text: "Assess your financial capabilities and risks," the FAS explained.

The agency opened a case, found the advertisement inappropriate and issued instructions to Sberbank of Russia PJSC and Yandex LLC to stop the violation.

According to Part 3.1 of Article 28 of Federal Law No. 38-FZ dated 13.03.2006 "On Advertising", advertising of services related to the provision of consumer credit (loan), its use and repayment of the specified loan (loan) must contain a warning: "Assess your financial capabilities and risks." In accordance with parts 6, 7 of Article 38 of Federal Law No. 38-FZ dated 13.03.2006 "On Advertising", the advertiser and the advertiser are responsible for violating these requirements.

The payment is terrible: fines for banks for violating the law on advertising may increase

What can this mean for credit institutions?

On April 9, the FAS recognized Ozon Bank's advertising as inappropriate due to false information in the video. It was reported that the video contained information about the purchase of goods in installments in the application of the credit institution. It was clarified that the actions of the organization were misleading consumers, as Ozon Bank did not have such a financial product in its line.

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