Ipoteka Bank fined for deceptive interest rate ad
The Competition Promotion and Consumer Protection Committee has recently fined Ipoteka Bank for misleading advertisement.
During an inspection, it was discovered that the bank’s Instagram page promoted an annual interest rate of 26% for the Super deposit. However, it was later revealed that the 26% rate only applied to cash deposited through the cashier for the first three months, with a reduced rate of 14% for the subsequent three months. This crucial information was not included in the advertisement, which led to concerns over the misleading nature of the promotion.
The exact amount of the fine imposed on Ipoteka Bank has not been disclosed by the committee. In response to inquiries from Kun.uz, the committee’s press service explained that revealing the fine amount at this stage was not advisable, and that the penalty would be implemented in accordance with the law.
This is not the first instance of the Competition Promotion and Consumer Protection Committee cracking down on misleading advertisement. Previously, the supermarket chain Korzinka was also fined for deceptive advertising practices. The chain was instructed to rectify all violations within a one-month period.
It is important for businesses to ensure that their advertising is transparent and in compliance with regulations to protect consumers from deceptive practices. The committee’s actions serve as a reminder to all companies to uphold ethical standards in their promotional efforts.
