PKO BP is in trouble. As much as PLN 80 million in fines for the bank

The Office of Competition and Consumer Protection (UOKiK) informed about the completed proceedings regarding PKO Bank Polski. The Office found the provisions regarding the rules for changing the interest rate on the revolving limit to be prohibited.

As a result, a huge fine of PLN 80 million was imposed on the bank. Additionally, PKO BP must inform about this decision on its website and all social media profiles.

The case concerns a provision that allowed the bank to unilaterally change the loan interest rate if certain conditions occurred. While such mechanisms are permitted by law, the terms must be formulated in an unambiguous, precise and verifiable manner by the consumer. According to the Office of Competition and Consumer Protection, this is what was missing.

The bank, as the stronger party in the contract with the consumer, should act professionally and transparently. Interest rate change clauses should be worded so that the consumer knows when and how the costs of the loan may change.

Therefore, all such provisions are considered invalid. Consumers who have them in their contracts may treat them as non-existent. The Office of Competition and Consumer Protection emphasizes that it is not necessary to declare them ineffective in court, because the courts are bound by the decision of the Office of Competition and Consumer Protection in determining the unlawful nature of the clauses.

Prohibited clauses have been used by PKO BP since December 15, 2018, so they are of a long-term nature. Moreover, during the proceedings, the bank did not discontinue their use. Therefore, the Office of Competition and Consumer Protection imposed a fine on PKO BP in the amount of PLN 79,291,800.