A ban on advertising has been imposed on 10 banks.

The Advertising Board decided to impose a monetary penalty of 29.1 million lira and a suspension penalty on 188 files due to violations of the legislation, while a precautionary suspension decision was made regarding 1 file. In a statement made by the Ministry of Commerce, information was provided regarding the examinations conducted by the Advertising Board. The statement noted that during the Board's first meeting of the year held on January 16, it examined advertisements that deceive consumers, mislead them, exploit their lack of experience and knowledge, and unfair commercial practices.

THE PENALTY AMOUNT IMPOSED THIS MONTH EXCEEDED 29 MILLION

It was reported that the Board, which imposed over 277 million lira in monetary penalties last year due to deceptive advertisements or unfair commercial practices, found that 189 out of 209 files discussed in this month's meeting were in violation of the legislation. The statement recorded the following: A precautionary suspension decision was made regarding 1 file, and a total of 29 million 136 thousand 384 lira in administrative fines was imposed along with advertising suspension penalties for 188 files, and an administrative measure to block access was decided for 10 of the files found to be in violation to prevent consumer grievances.

FINANCIAL MARKET ISSUES STOOD OUT IN THE MEETING

The statement reported that examinations were conducted regarding practices in the banking sector to prevent the exploitation of consumers' sensitivities towards the environment. In the examinations, it was emphasized that the main promise, such as "green housing loans" for residences with energy identity certificates and "green vehicle loans" for electric and hybrid vehicles, should be clearly and understandably stated in credit advertisements. However, it was noted that while advantages such as interest rates or fee exemptions were mentioned in the advertisements, sufficient information regarding these advantages was not provided. Additionally, despite mentioning "attractive" and "suitable" interest rates or fee exemptions related to environmental and nature sensitivity, it was highlighted that there was no difference from standard loans in practice, and the recent environmental actions created an impression of having more impact than they actually did.

ADVERTISING SUSPENSION PENALTY FOR 10 BANKS

In this context, it was reported that a "penalty for the suspension of advertisements" was imposed on 10 banks regarding the advertisements containing the mentioned violations, and it was decided to inform unions and civil society organizations related to financial markets through a distributed letter. The statement included the following expressions: To enable consumers who are parties to financial contracts to choose the most suitable credit offer and to ensure fair competition in the sector, all fees, commissions, and expenses other than interest and profit share should also be stated in credit advertisements, and information showing the total cost of the credit and the annual cost rate should be included in the main message of the advertisement. In this context, it was determined by the Advertising Board that the participation fee required as a condition for the interest-bearing credit in an advertisement for a vehicle campaign by a financing company was not included in the main message, and the information regarding the annual cost rate that included this fee was not provided. Thus, it was established that the real cost of the credit was concealed from consumers. For these reasons, it was decided to suspend the mentioned advertisements.