The bank and credit provider, PKO BP, failed to inform consumers of the full costs of loans it was offering, leading UOKiK to investigate.

Poland’s Office of Competition and Consumer Protection (UOKiK) opened proceedings against PKO BP in December 2014. The Authority’s suspicions were awakened by a leaflet advertising loans as „Mini installments at your fingertips and the blink of an eye”. However, the bank was packaging the costs of providing the loan, including the commission and insurance, into the loan itself, hence reducing the sum consumers would actually have available for their needs.

The bank has removed the leaflets from all of its branches and locations. It will also publish the ruling from UOKiK’s decision on its website, once it becomes binding. The bank has until November 1 to report to UOKiK the progress it has made.

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]