Alior Bank will not charge interest and will return the interest it took to clients for the last 12 months of their contract to compensate clients for losses. The commitment is the result of the Office of Competition and Consumer Protection (UOKiK)’s decision addressing the bank’s „Guaranteed lowest instalment rate” consumer loan advertisement.
Poland’s Office of Competition and Consumer Protection initiated proceedings against Alior Bank in January 2016 in response to the bank’s consumer loan advertisement “Guaranteed lowest instalment rate”. The campaign ran from April 2015 through September 2015, promising consumers the lowest instalment rates on loans and using a variety of media. However, it did not inform consumers of the additional conditions that had to be fulfilled to take advantage of the offer. This led UOKiK to conclude that the actual conditions of the promotion may have misled consumers.
