Consumer Ombudsman imposes ban on 4finance Oy’s illegal marketing of consumer credit

Express consumer credit company 4finance Oy has failed to supply information required by the Consumer Protection Act in a clear and easy to discern manner in its marketing.

4finance Oy has marketed credits under the name vivus.fi on television, the radio and outdoor advertisement boards. The marketing did not supply all the information required by the Consumer Protection Act in a sufficiently clear and easy to discern manner.

According to the act, marketing of consumer credits must clearly state the actual annual interest, the amount of credit, the interest and other charges that will be exacted for the credit and the length of the credit agreement. The information must be stated in a clear and easy to discern way.

4finance’s television commercials emphasised the maximum amount of a first loan and that it would not be subject to charges or interest. The essential information related to the credit was stated at the bottom of the screen in small print, which meant that consumers did not notice it at all or did not have time to read it in its entirety during one viewing of the commercial. The company’s radio advertisements and outdoor advertisements did not state the information required by the act at all.

The Consumer Ombudsman has requested on numerous occasions that 4finance correct its marketing. However, as the illegal marketing continued, on 14 January 2014 the Consumer Ombudsman imposed a marketing ban for the company, which will be enforced with a conditional fine. The company did not oppose the ban before its deadline, and it has entered into force.