09.05.2005
Bank Millennium did not infringe The Consumer Credit Act
Further to the information communicated on 6 May 2005 by the Competition and Consumer Protection Office (UOKiK) concerning the imposition on the Bank of a penalty for non-compliance with the UOKiK's President decision of 2003 regarding the infringement of the Consumer Credit Act Bank Millennium wishes to inform that the UOKiK-imposed penalty pertains to the activity of Polskie Towarzystwo Finansowe (PTF), the Bank's intermediary, which was inconsistent with the Act.
The penalty in question was imposed on the Bank by UOKiK by the decision of 12.04.2005 as a result of the Bank's intermediary PTF's non-compliance with the Office's earlier decision of 2003 ordering to cease practices in breach of the Consumer Credit Act.
UOKiK based its decision on the fact that PTF had operated as the Bank's intermediary. The Office did not find as sufficient the Bank's argument that the Bank as early as on 9.12.2003 committed the intermediary to carry out UOKiK's decision of the same day.
The Bank will not appeal against the decision or the penalty imposed.
Polskie Towarzystwo Finansowe's omission to carry out UOKiK's decision of 2003 (which resulted in the issuing of the decision in question) is not disputed between PTF SA and the Bank. Therefore, having checked the correctness of its assessment the Bank took the above decision.
Bank Millennium doesn't co-operate with PTF SA any more, in 2004 the Bank sold the PTF portfolio to the Santander Consumer Finance SA.