Poland's anti-competition watchdog UOKiK has imposed fines totalling PLN 36m on 10 financial institutions offering voluntary pension schemes (IKE). The fines include PLN 14.6m for PKO BP, PLN 14.7m for BRE Bank, PLN 2.8m for Millennium Bank, PLN 1.2m for PZU's life unit and more than PLN 1m for ING's life unit. The banks will appeal the decision in court.
The banks have challenged the decision in court thus the UOKiK fines are not yet final and we see the news as neutral for now. The size of the fines is also low in relation to the banks’ net profits: for PKO BP and Bank Millennium the fines are less than 1% of net profit, while for BRE Bank the fine is just above 1%, although the bank had already provisioned for this in 4Q12.