PKO BP fined by the Office of Competition and Consumer Protection. Nearly PLN 80 million for clauses in loan agreements
In the issued statement, the President of the Office of Competition and Consumer Protection, Tomasz Chróstny, emphasized that the challenged provisions do not sufficiently specify the grounds on the basis of which the bank could change the interest rate.
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As indicated by the office, these clauses do not give consumers the opportunity to verify the validity of such decisions. According to the Office of Competition and Consumer Protection, such provisions “allow the bank to broadly interpret and arbitrarily shape the interest rates on loans.”
PKO BP was obliged to stop using these clauses, and a fine of PLN 79,291,000 was imposed on the bank. PLN 800.
This decision, although important, is not yet final. The bank may appeal against it to the Court of Competition and Consumer Protection.
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This case draws attention to the market practices of the largest financial institutions in Poland and their impact on the situation of consumers. As noted by the President of the Office of Competition and Consumer Protection, regulations regarding loan agreements must be transparent and cannot leave any room for freedom in the interpretation of the provisions.
