The Financial Supervision Authority (Finantsinspektsioon/FSA) fined Tuleva €100,000 after it found significant flaws in the company's advertisements.
The authority said Tuleva's adverts did not provide information about the terms and conditions or direct customers to where they can find them, or invite them to consult with an expert.
There was also no indication of where to find information about the main information on the fund's offer.
There was also no information about where to get information about the fund's offer.
The advertisements were also deemed misleading as they gave an apparent guarantee of the fund's profitability, the authority said.
"There are advertising requirements in the financial sector that require consumers to receive correct, accurate, and complete information about financial products – such as pension products, second pillar pension products," Kilvar Kessler, chairman of the board of the authority told Tuesday's "Aktuaalne kaamera".
Tuleva board member Tõnu Pekk says: "[Tuleva's advertisements] Gave the impression, in the view of the FSA, that we were guaranteeing returns or that we were making comparisons with other spinning providers, which the FSA did not believe had sufficient basis. The FSA did not [allege] any information activities. This is a very serious decision on what to do next."
Editor: Marko Tooming, Helen Wright
Source: Aktuaalne kaamera