Sunday May 22, 2022

Banks will have to radically change ads. Because of the new bill

The law, according to which consumer meals will be new from January, regulates, among other things, the conditions for advertisements of financial institutions. A new point will have to be mentioned in them. So the classic advertising for a financial product will probably disappear.

“Advertising for consumers will now include mandatory information such as APR, annual rate and total amount, which the consumer must pay,” said Martin vb, director of the first department of Provident Financial.

In addition, the information on consumer noise must be provided in a clear, intuitive and clear manner.

The advantage is that the future debt will be fully informed about the cost of the loan, but the contract will be many parts and I understand. The question is how much the clients will contract st. A survey by the Ministry of Finance has shown that the people often sign even that they do not understand (see more in our previous article).

“The consumer will thus be included in a range of detailed information that he will not even need and will not help with his decision to sign a credit agreement, as he will often not be able to assess and draw conclusions from them,” said Martin ubrt of Rowan Legal.

The banks are preparing for changes, but they have not shared anything

As banks have dealt with the new rules for advertising, it is not yet clear: Finann institutions do not want to reveal anything specific.

“At the moment, we are considering all options for the future of communication marketing. We will probably know that during the first half of the first year, ”said Vendula Volkov from the Press Center of esk spoitelny.

If the financial situation does not comply with the conditions set, the sanctions are on the Czech National Bank or the Czech Trade Inspection Authority. Wrong on whether to commit banking and non-banking institutions.

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