In 1962, American President John F. Kennedy set out four consumer rights: the right to safety, the right to be informed, the right to choose, and the right to be heard. Every year, on the anniversary of his speech, Poland’s Office of Competition and Consumer Protection (UOKiK), the Trade Inspection, NGOs and consumer advocates come together to organise World Consumer Day.

In the spirit of the day, the competition Authority would this year like to remind financial institutions of the need for self-regulation and the observance of high standards in advertising their financial services and products, including consumer credit. Such advertisements should be understandable, clear and unambiguous.

Unfortunately, an analysis of the advertising of 28 financial institutions that UOKiK conducted at the end of 2014 shows that information about the conditions of financial services are not always provided in clear and reliable messages. One recurring problem is illegibility in advertisements due to fonts being too small and displayed for too short a time. Another is lack of information they contain about interest rates, the effective annual percentage rate and the costs of credit.

UOKiK is also currently looking at advertising for unit-linked insurance policies (ULIP) used by 19 enterprises. Concerns exist about the lack of information on the financial risks such advertising provides, and thus the possibility of consumers losing their savings. The absence of information about charges and the failure to provide information beyond the benefits of entering into such agreements are also problematic.

Additional information for the media:
Press Office, UOKiK
Pl. Powstańców Warszawy 1, 00-950 Warsaw
Phone.: +48 22 827 28 92, +48 22 55 60 314, +48 22 55 60 430
E-mail: [SCODE]Yml1cm9wcmFzb3dlQHVva2lrLmdvdi5wbA==[ECODE]