September 25, 2020

The Bank of Spain sanctions Bankinter with a fine of 5.2 million for a serious offense


Madrid

Updated:

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The Bank of Spain has fined 5.2 million euros to Bankinter for serious infringement in terms of customer protection of credit institutions, in relation to the delivery of pre-contractual information, the calculation of the APR and the expenses incurred by management services.

As reported this Friday by the agency on its website, the fine, the amount of which has been stipulated after the 20% reduction for voluntary payment contemplated by the regulations, is due to “acts or operations” carried out between January 1, 2015 and December 31, 2017.

Specifically, the regulator explained, Bankinter breached Order 2899/2011, transparency and customer protection of banking services, and the Bank of Spain Circular 5/2012, on transparency of banking services and responsibility in granting loans.

The events sanctioned by the regulator are linked to the delivery of the pre-contractual information, the calculation of the Annual Equivalent Rate (APR) that appears in it and the omission of said rate in the contractual documentation, as well as the expenses passed on to clients for management services. Although the resolution dates from June 26, the Bank of Spain has published it today once it has been made firm in the administrative process.

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