MTS Bank’s Yekaterinburg advertising seen as unfit

24 February 2015 (09:23)

February 24, 2015. Russia’s Federal Antimonopoly Service ruled that MTS Bank’s advertising was unfit for the purpose, the service’s press service reports.

The advertisement for the bank’s Hot Deposit offer was distributed in Moscow Underground in the form of 20x40cm and 30x40cm stickers in September and October 2014 and on billboards in several Russian cities, including Yekaterinburg and Novosibirsk.

The large print read, ‘Hot Deposit, interest up 12% p.a.’ The other terms of the deposit offer (the ones affecting the final income a customer would make) were given in small, white print against a blue background. This means the customers were not provided with all the details as to the terms of the deposit necessary to make an informed choice.

The fact that only the annual interest rate was clearly stated in the ad means an interested customer has no way of getting enough details on the offer, which, in its turn, means the customer is given an inaccurate idea of how much money the offer would yield.

The FAS therefore ruled the Hot Deposit advertisement violated the Federal Advertising Act (Article 28 (Part 2, Paragraph 2) and Article 5 (Part 7)).

The service also detected some violations of the existing legislation in the bank’s advertisements on other deposit offers, loan offers, and credit and debit card offers (MTS Money, Student Card, Transaero-MTS Bank, and Fuel Card).

Other materials on the topic::