PSZÁF fines Aegon pension funds for false advertising
Monday, August 15, 2005, 00:00
The State Financial Supervisory Authority (PSZÁF) has fined Aegon Hungary General Insurance Rt?s voluntary and private pension fund units Ft 1 million for false advertising, according to a PSZÁF resolution published on Thursday. Aegon advertised in its brochures that its commissions on the pension funds were the lowest among its competitors, but the financial watchdog found that Aegon made an unfair comparison of its own commission structure at the start of 2005 with the commission structure of other funds a month earlier. Additionally, Aegon did not reveal that the commission it advertised applied only to payments exceeding Ft 450,000 annually, while commissions for amounts smaller than that were actually higher.