In Poland, banks fined PLN 119 million for customer fraud
19 December 04:49
In Poland, two large financial institutions from the Pekao group received multimillion-dollar fines for violating consumer rights. These are Bank Polska Kasa Opieki SA and Pekao Bank Hipoteczny SA, which, according to the regulator, illegally prevented customers from using the loan repayment holidays. This is reported by Inpoland, "Komersant Ukrainian" informs
The decision was made by Tomasz Chrustny, President of the Polish Office for Competition and Consumer Protection (UOKiK).
Banks were also required to notify all affected parties of the violation.
The amount of fines
The total amount of financial sanctions is almost PLN 119 million:
- Bank Polska Kasa Opieki SA – PLN 117.801 million
- Pekao Bank Hipoteczny SA – PLN 1.183 million
In addition to fines, both banks are obliged to inform all customers who may have been affected by the violations.
At the same time, the UOKiK’s decisions are not yet final – the banks have the right to appeal them to the Court of Competition and Consumer Protection.
What exactly were the banks accused of?
According to the regulator, the banks violated the rules for using the loan repayment holidays introduced by the Polish state to support borrowers in the face of high interest rates.
In particular, financial institutions
- shortened the actual period of suspension of mortgage payments;
- did not provide a full month of vacation if the client applied in the last month of the quarter;
- disproportionately extended the loan repayment period, which increased the total cost of the loan.
Such actions, according to UOKiK, directly contradicted the purpose of the law and misled consumers.
What is the loan repayment holidays in Poland?
According to a special law, from August 2022 to the end of 2024, Polish borrowers were entitled to take advantage of the loan repayment holidays – that is, to suspend up to 12 mortgage payments.
The purpose of this program was to
- reducing financial pressure on households;
- protecting borrowers against a sharp rise in interest rates;
- preventing massive mortgage defaults.
However, the regulator found that Pekao Group banks did not comply with the requirements of the law throughout the entire period of its validity.
Why this is important for customers
UOKiK emphasizes that the banks’ violations led to real financial losses for consumers, as shorter vacations meant higher payments in the long run.
The regulator’s decision should be a signal to the entire banking sector in Poland that manipulation of social programs to support borrowers is unacceptable.
Read us on Telegram: important topics – without censorship
