OREANDA-NEWS. On November 19, 2007 the Federal Antimonopoly Service (FAS Russia), having considered the antimonopoly cases initiated due to improper advertising of the credits of "Home Credit and Finance Bank" Ltd., fined the bank 600,000 Rubles, reported the press-centre of FAS Russia.

Earlier FAS Russia recognized as improper:

- "Start bez Komissii" [No Commission] advertising campaign in St Petersburg print media in June 2007,
- "Voyage-Credit" advertising campaign in December 2006,
- "Credit "10-10-10 Variant "advertising campaign in December 2006 - March 2007,
- "Mobilnaya Desyatka" advertising campaign in December 2006 - March 2007.

Each of the advertising materials specified several credit terms, defining the cost of credit for the borrowers; however, they did not specify the remaining credit terms determining and affecting the actual cost of credit for the borrowers, which directly violated Clause 2 Part 2 and Parts 2 and 3 of Article 28 of the Federal Law "On Advertising".

FAS Russia imposed four fines, to the amount of 150.000 Rubles each, upon "Home Credit and Finance Bank" for violating the advertising legislation of the Russian Federation, total fines reaching 600.000 Rubles.

Reference:
Clause 2 Part 2 of Article 28 of the Federal Law "On Advertising"": Advertisements of banking, insurance or other financial services must not conceal other terms of relevant services that affect the amount of proceeds gained or expenses incurred by the persons who use the services, if at least one of such terms is advertised.

Part 3 of Article 28 of the Federal Law "On Advertising": If advertisements of services related to credit granting, using or repaying contain at least one term affecting its credit cost, such advertisements must contain all remaining terms that determine and affect the actual cost of credit for the borrowers.