UOKiK warns financial firm regarding unfair practices

Consumers were shortchanged by Gdańsk firm OK Money. The company charged exorbitant fees and did not provide contracts in writing to customers. Since UOKiK (the Polish Office of Competition and Consumer Protection) intervened, the company agreed to change its policies. OK Money provides loans via the Internet or SMS communication. It was investigated under a general review of companies that do not report to the financial regulatory body. Indeed, one of the complaints against OK Money was that it claimed to uphold the highest standards of the "banking" industry, while at the same time it did not even fall under the control of the Polish Financial Supervision Authority (KNF), according to ISBnews.