Competition Committee fines Hamkorbank over misleading advertisement

The Competition Committee has imposed a fine on Hamkorbank for a microloan advertisement deemed potentially misleading to consumers, as part of a broader regulatory crackdown on financial institutions.

The advertisement, displayed on an outdoor billboard, promoted microloans of up to 50 million UZS for individuals in urgent need of funds. The ad directed customers to apply for the loan via the Hamkorbank app. However, the committee found that crucial details about the loan terms, other than the maximum amount, were missing.

After a thorough review, a special commission concluded that Hamkorbank violated the "Law on Advertising" by failing to provide essential information. The bank has been fined and ordered to rectify the issue, ensuring future compliance with advertising standards.

This case marks the sixth instance in recent months where a bank has been penalized for advertising violations. Between July and August, the Competition Committee fined five other banks, including Ipoteka Bank, Ipak Yuli Bank, AVO Bank, and Universalbank, primarily for omitting vital information in their advertisements.

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