Banks Are No So Friendly

• Law Firm: Global Advertising Lawyers Alliance (GALA)
• Subject Matter: Finance and Banking, Consumer Protection, Financial Services, Dodd-Frank, Consumer Protection Act
• Author: Mr Juan Uribe (Triana, Uribe & Michelsen)
• Published date: 03 April 2023

BAVARIA, the major beer producer in Colombia, issued a campaign called "The Friendship Bank". This, rose several concerns, around the consumer protection authority, the financial authority and Banks in general. So, an investigation began.

The word "Bank" must only be used by entities duly surveilled by the Financial Superintendence. However, the Financial Superintendence, after reviewing that such word along the term "de la Amistad" - (the friendship), did not referred to financial activities and was never promoted as such, concluded that did not infringe the financial regulation.

Nevertheless, the Consumer Protection Authority was not so easily convinced and requested further information concerning the marketing campaign. After receiving said information, the Consumer Protection Authority raised several complaints regarding the campaign "The Friendship Bank". Hence, after completing the administrative proceeding BAVARIA was fined for deceiving information.

The marketing campaign, used the following phrases:

• The arrival of a new bank
• The arrival of a new coin
• The invitation to invest
• The possibility to open an account
• The possibility to save

With the intervention of the Financial...