The Committee for Development of Competition and Protection of Consumer Rights of Uzbekistan has fined Ipoteka Bank for violating advertising legislation. The committee's special commission found the bank guilty of providing false information about a deposit product with an interest rate of 26%, posted on its Instagram page.
The case against Ipoteka Bank was initiated due to suspicions of false advertising. The investigation revealed that important conditions of the "Super" deposit were not indicated on the Instagram page of Ipoteka Bank. According to the terms of the "Super" deposit, the interest rate is 26% for the first three months and 14% for the next three months for funds deposited through the cash desk.
For deposits placed online, the rate is calculated as the average of 26.09% and 14%. However, the advertisement on the social network did not indicate these important deposit conditions, potentially misleading users.
Based on this, a case was opened against Ipoteka Bank for violating Article 16 and Article 43 of the law on advertising, as well as Article 6 of the law on the protection of consumer rights. After conducting an investigation, a special committee found the bank's advertising to be false and imposed a fine on the financial institution. The amount of the fine has not yet been disclosed.
The Committee's press service reminded that Ipoteka Bank has the right to appeal to the appeals council or go to court if it does not agree with the decision made. This standard procedure allows organizations to protect their rights and interests in the event of disagreement with the decisions of government agencies.
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