UOKiK imposes PLN 79.3 mln fine on PKO BP in relation to interest rates on loans
The President of Poland’s Office of Competition and Consumer Protection (UOKiK) has ruled that certain PKO BP clauses allowing unilateral changes to interest rates on consumer revolving credit were unlawful. The authority banned their use and imposed a fine of approximately PLN 79.3 million. The bank must also inform affected customers individually and publish statements online and on social media.
UOKiK found that the disputed clauses failed to clearly define when and how interest rates could be changed, leaving consumers unable to verify the justification or scope of such changes and granting the bank excessive discretion. The clauses were used in contract templates from December 2018. PKO BP did not amend them during proceedings.
The decision is not final and may be appealed; the bank says the case concerns about 23,000 contracts, under 3% of its portfolio.
(pb.pl)
