Based on the investigation by the Finnish Consumer Ombudsman, J.W.-Yhtiöt Oy has violated the 2012 ban ordered by the Market Court. Several pertinent details on the conditions of the credit agreement were omitted in the company’s 2018 marketing material.
In addition to petitioning for the penalty payment, the Finnish Consumer Ombudsman is demanding the Market Court to raise the 50,000-euro penalty payment to 100,000 euros, as the ban ordered in 2012 has not prohibited the company from breaking the Finnish Consumer Production Act.
J.W.-Yhtiöt Oy has marketed their Suomilimiitti consumer credits on television and on trams. The television commercials contained information on the amount and cost of credit. Other information concerning the terms were displayed at the bottom of the screen in small print for a second. Consumers did not have time to read and understand the information provided. The tram commercials provided only the details of the credit amount, but any other credit agreement information was not given.
According to law, the basic information pertaining to the offered credit must be presented clearly, visibly, and concisely in marketing. The actual annual percentage rate, the credit percentage rate, and other credit fees are considered basic information. The terms must correspond precisely with the credit company's standard terms of credit.
By following this practice, J.W.-Yhtiöt Oy has given the consumers deficient information on the costs of credit and have made it difficult to compare different consumer credits.
Summary of Market Court decision (19.6.2012, in finnish)