Uniastrum Bank Deceives Investors, FAS Claims

Russia’s Federal Antimonopoly Service declared the actions of Uniastrum Bank related to the administration of bank-managed mutual funds to be an act of unfair competition, the FAS’s press service reports.

The agency detected that the bank delivered inaccurate information as to investment strategies and the ways of using them via its website and advertising materials; its investment policy statement regarding Premier bank-managed mutual funds was also misleading for both potential investors and the bank-managed mutual funds’ founders. These actions actually violate Article 14 (part 1, paragraph 2) of the Federal Competition Protection Act.

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