Banque Populaire Val de France, a subsidiary of the BPCE group, has been fined €300,000 by the French Directorate General for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF). The authority accuses the bank of presenting certain loans to some customers as earmarked loans, when they did not legally meet this classification, thus depriving borrowers of certain protections provided by the Consumer Code.
According to the DGCCRF (French Directorate General for Competition Policy, Consumer Affairs and Fraud Control), this practice was likely to mislead consumers about the nature of the contracts offered. Designated loans are directly linked to the financing of a specific good or service, such as a vehicle, home improvements, or equipment, and offer specific guarantees, particularly in the event of cancellation or failure to complete the sale.
The bank denies any non-compliance with its products
In a statement sent to AFP, Banque Populaire Val de France asserts that this procedure concerns only elements of its marketing communications. It emphasizes that the DGCCRF's decision does not call into question the compliance or operation of its financial products.
Banque Populaire Val de France operates in a territory covering ten departments, from Yvelines to Vienne, including the Centre region. This sanction underscores the attention paid by regulatory authorities to the clarity of information provided to consumers when marketing consumer credit.
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