Members of the Moscow Office of the Federal Antimonopoly Service (OFAS Russia) inspected whether the currency exchange bureaus owned by credit organisations complied with the antimonopoly legislation.
The inspection discovered several cases when the exchange rate displayed outside a bureau was different from the rate shown inside the exchange bureaus, with the latter being less beneficial for the clients. Employees of the exchange bureaus used the exchange rates shown inside the bureau offices for currency transactions.
Surveys of the clients of exchange bureaus showed that choosing the outlet for exchanging currently people typically make decision on the basis of the information about the exchange rates displayed outside the bureaus (the exchange rate figures are large-size, easily visible from a distance). Displaying attractive exchange rates outside the bureaus considerable affect the customers' choice of exchange bureaus.
Incomplete, incorrect information about the exchange rates displayed outside the bureaus not only misleads the service consumers but also can lead to other credit organisations losing potential clients (it can inflict damages upon credit organisations). Furthermore, the banks involved in unfair practice gain advantages on the market of banking services.
The antimonopoly body initiated proceedings against «Investitsionny Soyuz» Commercial Bank» (Ltd.), «Vityaz» Commercial Bank» (Ltd.) and «Finansovy Standart» Commercial Bank» (Ltd.) for the elements of violating Article 14 of the Federal Law «On Protection of Competition». Having investigated the cases, the Commission of the Moscow OFAS Russia pronounced that the companies violated Article 14 of the Federal Law «On Protection of Competition».
Later the antimonopoly body initiated administrative proceedings against the banks under Article 14.33 31 of the Code of the Russian Federation on Administrative Violations.
On 23rd June 2009, the Moscow OFAS Russia imposed 100,000 Rubles administrative fines upon «Vityaz» Commercial Bank» (Ltd.) and «Finansovy Standart» Commercial Bank» (Ltd.). «Investitsionny Soyuz» Commercial Bank» (Ltd.) was fined 300 000 Rubles for recurrent violation of the antimonopoly legislation within a year.
Reference:
Clause 1 Part 1 Article 14 of the Federal Law «On Protection of Competition» prohibits unfair competition, including disseminating false, incorrect or distorted information that can inflict damages upon an economic entity or harm its business reputation.
