New rules for financial services advertising
On June 18, 2024, the Polish Financial Supervision Authority published a document that drastically changes the rules of the game in fintech marketing. If your banner does not meet 7 specific technical requirements, you risk a fine of up to 486,300 PLN. These are not theoretical considerations, but a real threat to your company's budget, which you must know about now.
Real financial penalties in 2024
In the first half of 2024, KNF imposed penalties totaling 3,142,000 PLN on entities from the financial services sector. Most of these decisions concerned incorrect marketing communication. The record fine for one of the smaller fintechs was 312,400 PLN. The reason was simple: no clear information about the loan costs in an ad on Facebook. Inspectors no longer just look at the general intention, but at every comma and letter size.
The Office uses algorithms that automatically scan the net for prohibited phrases. If your system does not have compliance filters at the graphic creation stage, you risk a lot. At Suprasorte, we know that regulatory safety is not a cost, but an investment in the company's survival. The average duration of an explanatory proceeding is currently 114 days, which paralyzes the marketing department for almost four months.
A fine from KNF is not just a wire transfer. It is primarily an entry on the warning list, which kills investor confidence in 24 hours.
The trap of cooperation with influencers
Cooperation with online creators has become a minefield for fintechs. According to an audit conducted in July 2024, as many as 84% of promotional posts regarding investments were labeled incorrectly. KNF requires that the word 'ADVERTISEMENT' be visible from the first second of the video and not disappear throughout the duration of the material. A small hashtag hidden under the description that expands only after clicking 'more' is not enough.
Influencers often do not understand the specifics of banking law and regulations regarding consumer credit. However, the responsibility for their errors falls directly on the brand. From September 2024, agreements with creators must contain strict guidelines regarding legal safety. We act quickly and precisely, auditing influencers' profiles before contracts are signed by our clients. We check their historical posts to exclude the risk of linking your brand with illegal financial schemes.
Technical requirements for banner readability
Specifically: the risk warning on a static banner must occupy at least 14% of the graphic area. This is a giant change for UX/UI designers who are used to minimalist forms. In August 2024, one of the Warsaw brokers had to stop a campaign with a budget of 186,000 PLN because the risk information blended into the background. Losing money on production is one thing, but the cost of lost opportunities due to stopping the sales funnel was three times higher.
The 3.8-second rule is another requirement for video. Every key legal piece of information must be readable for the average viewer in a time no shorter than the specified limit. If the narrator speaks faster than 160 words per minute while reading the disclaimers, the ad will be considered misleading. Fintech is our specialty, so we understand how these limits affect conversion. We help find the golden mean between KNF requirements and sales effectiveness.
If the narrator reads warnings too fast, the Office will consider that you are intentionally hiding facts from the client.
How to prepare the marketing department for changes?
The first step is to audit all active campaigns until September 30, 2024. Not only the creatives should be checked, but also the landing pages the client lands on. A common mistake is inconsistency: the ad promises one thing, and the regulations on the page, written in fine print, add 4 additional conditions. This is a classic example of 'dark patterns' that UOKiK and KNF are now particularly sensitive to. We know the corridors of the Parliament and we know that more amendments are on the way.
We recommend introducing a two-step verification of every graphic. The first stage is creativity, the second is the 'inspector test'. The average time for ad approval in companies that work with us has increased by 1.4 hours, but the risk of receiving a penalty has dropped by 92.6%. Facts matter, not promises of a fast launch that can end in an inspectors' visit. We have prepared a 22-point checklist that every CMO should have on their desk.
