FSA fined Pocopay for misleading advertisements
According to the decision made by the Management Board of the Financial Supervision Authority on Monday, 27 February 2017, AS Pocopay was punished by a fine of 3,000 euros for violating the Advertising Act.
The FSA is of the opinion that the payment service provider Pocopay violated the Advertising Act with advertisements published between 22 August and 7 October 2016. The misleading wording used in these advertisements gave the consumers an impression as if this payment service provider is a bank. These advertisements were shown on the YouTube channel and Facebook page of Pocopay as well as at Apollo movie theatres, book stores and news letters sent to their club members via e-mail.
By placing and publicising these advertisements Pocopay violated the general provisions of advertising. According to section 33 (2) of the Advertising Act these actions are punishable as misdemeanours and a legal person is punishable by a fine up to 10,000 euros. Among other things, the size of the fine was affected by the positive fact that Pocopay cooperated openly during the proceedings.
The extra-judicial proceedings for advertisements of financial services publicised by financial institutions are conducted by the FSA.