The Macedonian Ministry of Finance, while monitoring the operations of financial companies, has identified certain fraudulent trade practices that relate, among other things, to the advertising of financial services and other actions by financial companies, contrary to the Law on Consumer Protection.
The monitoring identified advertising with 0% interest, although the loan agreement provided for other additional costs. Irregularities were also identified relating to advertising of financial services under brands without specifying the financial company offering the specific service, the use of multiple websites by the same financial company, as well as the use of a company name in the business premises that is different from the name specified in the financial company’s operating license.
The Ministry of Finance has ordered all financial companies in which it has identified irregularities to remove all advertisements and signs in the business premises that could mislead citizens. If the companies fail to adhere, the Ministry of Finance will take all measures to protect citizens as users of financial services.
