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Tuesday, 25 February 2020

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22 August 2012

Raiffeisen fined for SMS advertising

The Federal Antimonopoly Committee has fined RaiffeisenBank 100,000 rubles for sending out SMS messages advertising its credit card services, the committee announced on Thursday.

"On July 4, 2012, the Federal Antimonopoly Committee earlier acknowledged the improper advertising of credit (credit cards) from RaiffeisenBank, distributed through SMS-messages without the consent of the subscribers to receive them. Thus, the distribution of the ads on a mobile telephone communications network without the prior consent of the subscriber to receive it from bank, violated the demands of Part 1 of Article 18 of the Federal Law ‘On Advertising,'" read the announcement from the bank. The committee also noted that the ads did not include all the legally required information concerning credit conditions and other data.