The doubling of fines for incorrect display of data on the total cost of credit (FCC) in advertising of banking products is aimed at combating unscrupulous lenders and protecting borrowers. So, Candidate of Economic Sciences, Associate Professor at the Department of State and Municipal Finance at the Russian University of Economics. GV Plekhanov Mary Valishvili appreciated the new initiative of the Ministry of Justice of the Russian Federation for socialbites.ca.
According to him, if we evaluate the initiative from the perspective of debtors, its benefits are obvious.
“Many potential borrowers fall for false information, rush to apply for a loan and end up facing completely different conditions. Not everyone is able to objectively assess the reliability of information and possible risks, which leads to an increase in the debt burden and loss of solvency,” concluded the economist .
He explained that unscrupulous banks assess their own risk of reducing the loan portfolio as higher than the risk of violating the law.
“There is no official information about how many creditors are held responsible and the total amount of fines imposed. Maybe that’s why some banks are in no hurry to change loan conditions on the Internet. If there is a multiple increase in penalties, the situation will begin to change rapidly and fines will be imposed until the violation is eliminated. And this is already a significant loss for creditors,” Valishvili explained.
Currently, penalties for incorrect display of data on the full cost of a loan in advertising of banking products range from 20 thousand to 50 thousand rubles. for officials and from 300 thousand to 800 thousand rubles. for legal entities. The Ministry of Justice introduced the bill on doubling penalties – in the range from 40 thousand to 100 thousand rubles. for officials and from 600 thousand to 1.6 million rubles. for banks – absolute Consider the government of the Russian Federation on February 5. It has already been adopted by the Ministry of Finance, the Ministry of Energy and the Federal Antimonopoly Service.
Formerly Central Bank compulsory Banks and microfinance institutions in Russia are required to display not only the minimum rate but also the maximum rate in loan advertisements.
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Source: Gazeta
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