PKO BP appeals 47.5 million PLN in KNF fines over structured deposits

PKO Bank Polski has filed an appeal against a total of 47.5 million PLN in fines imposed by the Polish Financial Supervision Authority (KNF). The penalties, issued in August, relate to the bank's offering of structured deposits between 2021 and 2023.

The KNF identified several irregularities, most notably a 26 million PLN fine for failing to inform clients about existing conflicts of interest. According to the regulator, the bank failed to identify two types of conflicts that affected both the bank's margins and the interest rates offered to customers. One specific conflict involved the bank minimizing the costs of purchasing options used in the deposits, which the KNF claims resulted in worsened payout conditions for clients.

PKO BP has stated that it disagrees with the Commission's position and is utilizing legal means to contest the decision. While the current fines total 47.5 million PLN, the KNF noted that the maximum possible amount for each individual penalty could exceed 3.8 billion PLN, though the current decision is not yet final.