The Competition Commission fines another bank

A financial fine was imposed on "AVO Bank" JSC (a digital bank) due to the violation of advertising legislation. This was reported by the Committee for the Development of Competition and Protection of Consumer Rights.

It was reported that the committee received an appeal regarding the bank's distribution of false advertising in the services it provides to clients. In the advertising information on the "AVO bonuses" page of the bank's website, phrases like "250,000 soums for each new client," "+250,000 soums for you and each new client of AVO," "Receive 250,000 soums to your account," and "Receive 250,000 soums to your card" were shown. However, the bank stated that money of this amount would not be given to each new client. It was informed that in order to receive bonuses in the form of money, the bank's clients must perform certain actions, and even then, the amount of 250,000 soums would be presented to the client in the form of bonus points through the bank's mobile application, rather than in cash.

Additionally, during the investigation, it was found that on the bank's website, in the content "AVO Bank is the most convenient mobile bank in Uzbekistan," including in the advertising information published through various sources, information about the "AVO Platinum" credit card of "AVO Bank" JSC stated, "AVO Platinum credit card - 0% rate on any purchase" and "AVO Platinum credit card - buy 2 million and get 2 million back."

However, according to the conditions for using the bank's "AVO Platinum" credit card, it is known that interest will not be calculated for 45 days for the purchase amounts made by customers using these credit cards. After 45 days from the date of purchase, credit interest will be calculated for these funds in the prescribed manner.

Taking into account the above circumstances, due to signs of violation of the requirements of Article 16, Part 1 of the Law "On Advertising" and Article 6-1, Part 1 of the Law "On Protection of Consumer Rights," a decision was made to impose a financial penalty on JSC "AVO Bank" for violations related to advertising and consumer protection.

It should be noted that "Ipotekabank" was also fined for false advertising. It was also reported that the "Korzinka" supermarket chain will pay a fine.