The Bank of Spain imposes fines of 5.4 million to ING for deficiencies in interests and its internal mechanisms
The Bank of Spain has imposed on ING Spain two fines totaling 5.4 million euros for "poorly" informing its customers about the Annual Equivalent Rate (APR) and for a serious breach identified in its internal control mechanisms.
The supervisory body has appreciated that ING did not inform its clients well about the APR, while neither did it properly calculate the pre-contractual (Fiper) or contractual information, because some expenses were not included at the client's expense.
For these irregularities, consisting of the performance of acts or operations with non-compliance with the norms dictated under the Law, ING will have to pay 3 million euros after applying a 40% reduction.
Likewise, the Bank of Spain has sanctioned the entity with 2.4 million euros, after also applying a 40% reduction, for a serious infraction consisting of presenting deficiencies in the internal control mechanisms.
As he has appreciated, ING did not sufficiently control the agencies that facilitate binding offers to customers, thus breaching an article of the Law of management, supervision and credit of credit institutions.
These sanctions, which are firm in administrative proceedings, were imposed on November 26, although they have been published on Monday in the records of the Bank of Spain.
