T-Bank accused of deceptive advertisement over free cash withdrawals by Financial Authority Service (FAS)
T-Bank Faces Legal Action for Alleged Deceptive Advertising Practices
Russia's Federal Antimonopoly Service (FAS) has thrown the book at T-Bank, launching a case accusing them of breaking advertising laws. The detectives at FAS point the finger at some flashy video ads, promising consumers tantalizing free cash withdrawals from their cards.
But, according to FAS, the fine print — the real deal, mind you — was hidden in a tiny font, tucked away in a brief explanation note. This sneaky maneuver meant consumers couldn't fully grasp the conditions, making it difficult for them to make an informed decision about the banking service in question.
If T-Bank is found guilty, FAS will slap them with some administrative punishment.
Now, let's shed a little more light on this situation. FAS has been busy dealing with advertising law violations among financial institutions. In Tatarstan, for example, companies were penalized for spammy, unsolicited advertising calls, often obtaining open-ended marketing consent that didn't clearly outline the option to opt-out[2].
FAS head, Maxim Shaskolsky, has suggested sanctions need a boost, proposed to escalate fines from the current range of 100K-500K RUB to turnover-based penalties, due to the rampant negligence in the banking sector. In 2024, FAS handed out 1,921 violation orders and levied 161.3M RUB in fines across a whopping 4,209 cases[1].
The usual advertising offenses include deceptive loan terms, failure to disclose credit risks, and unauthorized data sharing with third-party marketing partners[1][2]. For now, specific details regarding T-Bank are still under wraps. FAS is stepping up its game, focusing on turning over a new leaf for systemic offenders[1].
Moscow, Bylines: Elena Volodina
[© 2025, RIA "Novy Day"]
- The Federal Antimonopoly Service (FAS) in Moscow has initiated legal action against T-Bank, alleging violations of advertising laws, specifically concerning deceptive advertising practices.
- According to FAS, T-Bank's video ads, which promise consumers free cash withdrawals, hide key conditions in fine print, making it difficult for consumers to make informed decisions about the banking service.
- If found guilty, T-Bank could face administrative punishment for its alleged banking violations.
- The FAS has been actively addressing advertising law violations in the finance sector, with a focus on systemic offenders, and has imposed fines for offenses such as deceptive loan terms, failure to disclose credit risks, and unauthorized data sharing.
