NEO Finance did not properly advertise services
The Supervision Service of the Bank of Lithuania, after examining the NEO Finance, AB advertisements available on the social network Facebook, www.paskoluklubas.lt, and other websites, established that the company, in advertising its services, did not properly present standard information on consumer credits (it has to presented in a clear and noticeable manner) and also violated the requirements of the Law on Consumer Credit. For this violation, the Supervision Service of the Bank of Lithuania fined NEO Finance, AB for €4,500.
The Supervision Service would like consumer credit providers to note that the requirements for advertising financial services are described in detail in the Bank of Lithuania’s Guidelines on Advertising Financial Services (in Lithuanian). This information can help consumer credit providers avoid errors in commissioning and publishing advertisements.
Information on enforcement measures applied by the Bank of Lithuania, complaints regarding the applied enforcement measures, and settlement results is available here.