Advertisements for consumer credit should be clear, unambiguous and legible. UOKiK has determined that the TV spots of five financial institutions do not meet these requirements. Using font sizes too small to read and displaying information for too little time are among the practices the Office questioned.

Erroneous or incomplete information about an offer leads consumers to make unfavourable market decisions. Providing reliable information about financial services is particularly important because they are complex and the language used in the contracts is difficult to understand.

According to Polish law, when an advertisement for consumer credit contains information about its cost, it should also include the interest rate together with separate charges included in the total cost of the credit, the total amount of the credit, and the Annual Percentage Rate of Charge (APR). This information should be presented in an unambiguous, understandable and visible way. Doing so allows consumers to compare offers from different creditors, making it easier to make a conscious choice.

UOKiK has determined that five financial institutions’ TV advertisements failed to meet requirements layed down in the Consumer Credit Act. The institutions include Alior Bank, Bank BGZ BNP Paribas, Euro Bank, Credit Agricole Bank Polska, and Provident Polska.

UOKIK questioned 31 spots shown between March and September 2014, particularly concerning how the cost of the credit was presented. Important consumer information about interest rates, the total amount to be paid, and the APR were written in tiny font and shown for too short a time for consumers to be able to read it. For example, in a 30-second spot, information required by law was only displayed for 2 seconds.

According to the law, a consumer credit advertisement should provide consumers with the essential data they need to decide whether they are interested in the offer. It must not induce consumers to take additional steps, such as opening a web page or image capture using a special function on the TV.

UOKiK found that the five institutions violated collective consumer interests. It has required each of them to publish, at their own expense, a statement informing the public of the Authority’s decision and describing the illegal practice it engaged in: one in the form of a 15-second film to be broadcast once a day for three consecutive days on Polish public broadcasting television between the hours of 17 and 19.30, and another on their own websites for three months.

Additional information for the media:

Press Office, UOKiK
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