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Competition Office fines K&H Bank for misleading consumers

Hungary's Competition Office (GVH) on Tuesday said it fined K&H Bank a combined HUF 28 million for misleading consumers in two cases.

GVH found K&H Bank advertised a number of free services to clients that took out a mortgage-backed personal loan but subsequently discontinued the services. The advertisements for the loans failed to inform clients that the free services were not continued for the entire run of the loan. GVH fined the bank HUF 20 million for the offense.

GVH fined K&H HUF 8 million because its insurance arm promised clients who signed mandatory vehicle insurance contracts in 2007 a big refund, but only a few clients were able to avail of the offer. (MTI-Econews)