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2018 Financial and Social Report

In accordance with the principles of advertising banking services drafted by the Polish Financial Supervision Authority, Bank Millennium’s advertisements are not misleading and show the important features of the products and services as well as related benefits and costs. They also depict their legal nature and provide information about the level of possible risk carried by the client. If the message focuses on a promotional offer, its conditions and term of its validity are specified. Clients also receive information where they can receive detailed information regarding a given promotion. [GRI 103-1,103-2, 103-3, 417-1]

Marketing materials prepared by the Bank Millennium Group are compliant with the laws and regulations applicable to this area, including in particular with:

  • the recommendations laid down by the Code of Ethics in Advertising devised by the Marketing Communication Association (SAR),
  • the Principles for Advertising of Banking Services of 2008 laid down by the Polish Financial Supervision Authority,
  • new Best Practices on consumer loans advertising standards of the Polish Bank Association of 2015,
  • provisions of the amended Consumer Loan Act of 22 October 2017,
  • Mortgage Loan and Supervision of Mortgage Loan Intermediaries and Agents Act,
  • internal instructions applicable to the rules for devising informational and advertising materials for banking products and services in Bank Millennium and the rules for preparing commercial publications regarding financial products and instruments in Bank Millennium. [GRI 417-1]

Any change or introduction of a document or marketing material for buyers of respective products is preceded by consultations within the Bank, verification by the legal, compliance, marketing communication and product teams, in order to provide clients with clear and reliable, legally-required advice about the products offered. Implementing marketing communication standards attenuates reputation risk and the risk of sanctions for non-compliance with regulations. [GRI 102-11, 102-30]

In 2018, there were no cases of the Bank Millennium Group failing to comply with regulations relating to marketing communication. [GRI 417-3]