• The absence of relevant information on investment risk and non-disclosure of advertising content in training materials – these allegations were made by the President of UOKiK against 3P Consulting Group.
• As a result, consumers could have made unfavourable financial decisions.
• If the allegations prove to be true, the company may be subject to a penalty in the amount of up to 10 percent of its annual turnover, whereas its president – up to PLN 2 million.

The President of UOKiK, Tomasz Chróstny, initiated proceedings against 3P Consulting Group, alleging that the company infringed collective consumer interests. The company runs financial and investment training courses. During these courses and in educational materials published, inter alia, on the publicly accessible YouTube channel, 3P Consulting Group promotes brokerage services provided by an investment firm Vantage Global Limited domiciled in the Republic of Vanuatu and via the Klimex Capital Markets platform. The company from Oceania receives compensation when trainees decide to use its services.

“One of the allegations against 3P Consulting Group pertains to non-disclosure of advertising content during training courses and in video content published, for example, on the YouTube channel. As a result, consumers may presume that positive opinions about the services offered by Vantage Global Limited are an objective opinion resulting solely from the experiences of trainees. This may make them more willing to use the services of an exotic company than if they knew that this is a paid advertisement,” says Tomasz Chróstny, President of the Office of Competition and Consumer Protection.

In addition, when presenting the services offered by Vantage Global Limited, 3P Consulting Group presents solely benefits connected with the conclusion of the investment account agreement. As an example, it presents current promotions, available bonuses or stories of people who earned high profits, e.g. "Jarek" – 62.55%, "Darek" – 84.89%, "Joanna" – 164.338%, "Michał" – 271,98%. However, the company fails to disclose relevant information on investment risk, which is required by law. Vantage Global Limited offers, among other things, contracts for differences (CFDs). According to the audit conducted by the Polish Financial Supervision Authority, in 2018 nearly 80% of customers were generating losses on the said contracts and their average financial result was approx. PLN 10 thous. in the red. In accordance with the decision of the Polish Financial Supervision Authority of 1 August 2019, when presenting the offer of CFDs, it is necessary to provide the percentage of retail investor accounts recording losses with the particular provider. 3P Consulting Group does not disclose this information during training courses nor in materials promoting the services of Vantage Global Limited and the Klimex Capital Markets platform.

“Failure to disclose relevant information on risk and emphasizing only potential benefits may result in a misconception about the safety of investments and certainty of a return on investment among consumers. This may translate into a decision to open the investment account being promoted, which consumers would not have made if they were aware of the risk,” says Tomasz Chróstny, President of UOKiK.

The company is subject to a penalty in the amount of up to 10 percent of its annual turnover. The president of 3P Consulting Group may also bear financial consequences for deliberately committing breaches of collective consumer interests. He conducted the majority of training courses personally and he appeared in educational videos used to promote the services of Vantage Global Limited. He may be facing a penalty of up to PLN 2 million.

Consumer support:

Phone: 801 440 220 or 222 66 76 76 – consumer helpline
E-mail: porady@dlakonsumentow.pl
Consumer Ombudsmen – in your town or district
Financial Ombudsman - when a complaint has been rejected by a financial institution

Additional information for the media:

UOKiK Press Office
Pl. Powstańców Warszawy 1, 00-950 Warszawa, Poland
Phone +48 695 902 088, +48 22 55 60 246
E-mail: biuroprasowe@uokik.gov.pl
Twitter: @UOKiKgovPL