Nordea Bank Fined for Missing Mortgage Terms in an Ad
13 August 2012 (09:19)
OOO Nordea Bank was fined for violating the advertising legislation; administrative action was taken when the bank failed to provide information on mortgage terms in an ad, the press office of Sverdlovsk Region division of Russia’s Federal Antimonopoly Service reports.
Sverdlovsk Region division of Russia’s Federal Antimonopoly Service declared Nordea Bank guilty of an administrative offense on August 1, 2012.
On July 20, 2012, the division declared that the mortgage advertisement (offering interest rates starting from 9.95% a year) that Nordea Bank launched online via the website www.e1.ru unsuitable.
According to the FAS, Nordea Bank violated the Advertising Act in that the ad only stated one proviso for getting the financial service in question (a mortgage): the interest rate starting from 9.95%, but neither the other terms that affect the final amount of payments nor the important data on things like insurance and the fixed rate period were stated.
The FAS’s Sverdlovsk Region division made Nordea Bank face administrative liability and pay a 101,000-ruble fine.
Sverdlovsk Region division of Russia’s Federal Antimonopoly Service declared Nordea Bank guilty of an administrative offense on August 1, 2012.
On July 20, 2012, the division declared that the mortgage advertisement (offering interest rates starting from 9.95% a year) that Nordea Bank launched online via the website www.e1.ru unsuitable.
According to the FAS, Nordea Bank violated the Advertising Act in that the ad only stated one proviso for getting the financial service in question (a mortgage): the interest rate starting from 9.95%, but neither the other terms that affect the final amount of payments nor the important data on things like insurance and the fixed rate period were stated.
The FAS’s Sverdlovsk Region division made Nordea Bank face administrative liability and pay a 101,000-ruble fine.
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