THE CASSATION RECOGNIZED UNRELIABLE ADVERTISING OF RAIFFEISENBANK CASHBACK

The Court of Cassation convicted Raiffeisenbank of distributing false cashback advertising and ordered the credit institution to issue a counter-advertisement indicating that cashback is not charged for all card transactions. Such ads will be aired once a day during the week in prime time.

The Federal Antimonopoly Service conducted an audit of the advertising of the Raiffeisenbank cashback card based on numerous appeals from citizens. This advertisement was shown in the winter of 2022. The slogan of the advertising campaign was "Cashback for everything". However, the explanation about the conditions and limitations of the cashback were posted in small print and were shown for only a few seconds.

The Antimonopoly Service declared this advertisement inappropriate and fined the credit institution, issuing it an order to eliminate violations. As he writes Право.ги Raiffeisenbank has reported on the fulfillment of this requirement. In February 2023, the FAS appealed to the court with a statement of claim about the obligation of a financial institution to issue counter-advertising in connection with repeated violations in the "Cashback for Everything" advertising campaign.

The court of first instance satisfied the application and agreed with the plaintiff's arguments that the disclaimers could not be perceived by the consumer.

The appeal fully supported the conclusions of the lower instance, after which the cassation also supported the courts. Thus, at the moment Raiffeisenbank has to place a counter-advertisement, which will indicate that the antimonopoly service has recognized the advertising campaign as unreliable. This counter-advertisement will be shown throughout the week on REN-TV in prime time once a day.