Consumer watchdog blasts financial firms

Poland’s Office of Competition and Consumer Protection (UOKiK) has fined four financial firms for their activity regarding insurance-investment products, the watchdog said on Tuesday. Another 24 cases are still being analyzed. Aegon TU na Życie will have to pay PLN 23.45 and Idea Bank was fined PLN 4.17 million. They were also ordered to stop their wrongful activities. Open Finance was given a fine of PLN 1.67 million and Raiffeisen Bank Polska was fined PLN 21.12 million. These two companies have already ceased their illegal activities. The activities pointed out by the UOKiK included not providing sufficient information on investment-related insurance products and on the rights and obligations of the contract parties.