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GetBack bond sales
In 2020, the Polish Office of Competition and Consumer Protection issued a fine on Getin Noble Bank in Poland after the bank misled consumers when offering corporate bonds to consumers issued by the debt collecting company ‘GetBack’. While Getin Noble Bank informed consumers that the investments in GetBack were very safe, in reality the investment was very risky. Getin Noble Bank often recommended the product to consumers who had indicated that they were not willing to take very high risks when investing their money, indicating a preference for investing in regular deposit accounts.
Investments into GetBack bonds were advertised as a ‘safe investment’ to consumers, and that the loss of invested funds was unlikely. Consumers were led to believe that even in the worst case scenario, they would not suffer any loss on their initial investment. Consumers were told that GetBack bonds were a “safe investment, like a savings deposit.” However, in 2020, GetBack suffered huge financial losses, and the shares and bonds of the company witnessed a severe collapse.
The Polish Office of Competition and Consumer Protection began an investigation into the bond sales after receiving many complaints from consumers against the financial advisers of Getin Noble Bank. The bank was ordered to pay compensation to consumers who had purchased GetBack bonds.