€20,000 fine for HFC over loan ads

The commerce ministry’s consumer protection service said on Wednesday it had fined the House Finance Corporation €20,000 over some of its advertisements.

The service found that a number of them broke the law by failing to feature warnings on the risks of entering into a house loan agreement.

This is the first administrative fine handed down by the service over the law of consumer credit for immovable property, it said.

It follows an own-initiative investigation carried out under the law as well as legislation on unfair commercial practices on advertising by large credit bodies in Cyprus. It covered TV, radio, print, online and leaflet ads.

“The aim of the service is the implementation of the laws so as to offer a high level of protection to consumers by safeguarding their rights,” it said.