The Financial Supervisory Authority found that Tuleva Fondid published advertisements for financial services in the period from 20 to 31 July 2023, which did not meet all the requirements established by the Advertising Law and the Investment Funds Law.
The advertisements did not contain an invitation to familiarize yourself with the conditions of the financial service and, if necessary, consult an expert. Furthermore, some advertisements did not contain the mandatory indication of where to consult the prospectus and the basic information prepared for the fund’s offering. The company also ran advertisements that gave an apparent guarantee of the fund’s performance or were misleading.
According to Kilvar Kessler, chairman of the board of directors of the Financial Supervisory Authority, publicity is necessary for free competition to thrive. To protect consumers at the same time, uniform rules of the game have been established for businesses: advertising laws and other information disclosure obligations.
“Since pension funds are important financial products for society, the management of the fund managers must be particularly correct. Failure to inform about the activities of the funds must not turn into a failure in the management of pensioners’ money. The Financial Supervisory Authority therefore reacts harshly to public violations in the field of pension funds. In this case the Financial Supervisory Authority fined the Tuleva Funds for violating information disclosure obligations,” Kessler explained the reasons for the fine decision.
The Finantsinspektsioon fined Tuleva Fondid AS with a single fine of 100,000 euros on the basis of § 482 (2) of the IFS. The Financial Supervisory Authority may disclose the decision in case of a minor crime if this is necessary for the protection of investors and customers of companies subject to financial supervision. Tuleva Fondi has the right to appeal the decision within 15 days from the day of receipt of the decision.
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2024-01-16 13:00:28
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