Financial and
ESG report 2020

Reliable marketing communication

[GRI 103-1,103-2, 103-3, 417-1]
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 and related benefits and costs.

M2020-109 M2020-109

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 are specified. Clients also receive information where they can obtain detailed information regarding a given promotion.  

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. Implementation of the marketing communication standards reduces the reputation risk and the risk of penalties for non-compliance with the regulations.  

[GRI 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 Credit 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.  

Millennium TFI advertises its products only on its website and through unit distributors. Product advertising is in line with legal regulations governing investment funds and investment fund companies, and the guidelines of the Polish Financial Supervision Authority. To the extent that product advertising is not covered by specific regulations, the Fund Management Company applies the Bank Millennium Group’s standards, including ethical standards, and does not use messages prohibited by law in its advertising.  

The Fund Management Company has adopted the Corporate Governance Principles for Supervised Institutions and is committed to observing them in relation to advertising message practices. In all other respects, the Fund Management Company complies with the standards of the Bank Millennium Group. 

[GRI 417-3] In 2020, there were no cases of non-compliance of the Bank Millennium Group with regulations relating to marketing communications.  

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