African Bank fined R700 000 for misleading loan ad campaign

African Bank fined R700 000 for misleading loan ad campaign

The Financial Sector Conduct Authority (FSCA) has fined African Bank R700 000 for a misleading social media campaign that promoted a personal loan as an investment product. Loan Advert Misrepresented as Investment According to BusinessTech, the ‘Ke Festive’ campaign ran on the bank’s social media platforms in December 2023 and featured a prominent public figure encouraging consumers to take out loans with the phrase: “It’s not a skoloto chomi! K…

African Bank fined R700,000 for a misleading advertisement

African Bank has been fined R700,000 for a misleading advert encouraging people to take out loans under the guise of "investment".

Absa fined millions due to lack of verification on politically exposed persons

The Reserve Bank’s Prudential Authority has slapped Absa Bank with a R10-million administrative sanction for various transgressions. “The administrative sanctions imposed on Absa are due to the failure to comply with certain provisions of the FIC Act and consist of two cautions not to repeat the conduct which led to the non-compliance, a reprimand and a financial penalty totalling R10-million,” said the agency. First fine is R7m The agency expla…

African Bank pays R500 000 fine for misleading marketing – Moonstone Information Refinery

The Financial Sector Conduct Authority says the R700 000 fine it imposed on African Bank for misleading advertising highlights the importance of providing clear and accurate information to customers about financial products and services. The Authority this week issued a statement about the fine – of which R200 000 was conditionally suspended – that followed an investigation into the bank’s #KeFestive social media campaign flighted in December 20…

South Africa’s African Bank Hit with $38K Fine for Misleading Ad Campaign

Financial Sector Conduct Authority (FSCA), South Africa’s market conduct regulator for financial institutions, has penalised African Bank for false advertising. The bank was penalised US$38,000 (R700,000) for an advertising campaign it ran on its social media pages presenting a credit product as an investment product. The advertising campaign was run in December 2023.  The advertisement, … The post South Africa’s African Bank Hit with $38K Fine …

[Digital Daily, Reporter Kang Ki-hoon] It was revealed that a financial incident involving an unfair loan of KRW 7.4 billion occurred at Hana Bank. As a result, the Financial Supervisory Service carried out frequent inspections. According to the financial sector on the 24th, Hana Bank announced that a 7.4 billion won financial accident occurred the day before due to unfair loans, private money loans, and money collection. According to Hana Bank,…