11th March 2026, Skopje – During the supervision of the operations of financial companies, the Ministry of Finance identified certain misleading commercial practices related to, among other things, the advertising of financial services and other activities of financial companies, in breach of the Law on Consumer Protection.
The supervision uncovered advertisements with 0% interest rate, even though the loan agreements foresaw other additional expenses. Irregularities were also identified relating to the advertising of financial services under brand names without indicating the financial company providing the specific service, followed by the use of multiple websites by the same financial company, as well as the use of a company name in business premises that differs from the name specified in the company’s operating licence.
Ministry of Finance required each financial company with identified irregularities to remove all advertisements and signs displayed in their business premises that might mislead citizens. Failing this, the Ministry of Finance will undertake all available measures to protect citizens in their capacity as users of financial services.
To this end, and for the purpose of ensuring compliance with the legal provisions, financial companies are required to exclusively use the name specified in the operating licence issued by the Ministry of Finance, as well as to use a single website that clearly identifies the respective financial company. Under the Law on Consumer Protection, certain commercial practices are considered fraudulent if their contents do not include essential information required for the consumer to make an informed decision.
