ING has been sanctioned by the Banco de España

13/06/2020

At its meeting on 16th November 2019, the Governing Council of the Banco de España resolved:

• Fine imposed on ING BANK, N.V. Sucursal en España, amounting to three million euro (€3,000,000) — after application of a reduction of 40%  established in  Article 85 of Law 39/2015 of 1 October 2015 on  the general government common administrative procedure —, pursuant to Article 98(1)(b) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 93(f) of  said Law 10/2014, consisting in the performance of actions or operations in breach of the rules issued under Article 5 of that Law.
  
  Breaches have been observed of Order 2899/2011 and of Banco de España Circular 5/2012, owing to shortcomings in the APR reported to customers. The APR was not correctly calculated in either the pre-contractual information (personalised information sheet) or the contractual documentation, as certain arrangement costs payable by the customer were not included in the calculation. Also the information provided to customers in the personalised information sheet on the expenses and costs assumed by them was deficient.
• Fine imposed on ING BANK, N.V. Sucursal en España, amounting to two million four hundred thousand euro (€2,400,000)— after application of a reduction of 40%  established in  Article 85 of Law 39/2015 of 1 October 2015 on  the general government common administrative procedure —, pursuant to Article 98(1)(b) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 93(p) of the said Law 10/2014, consisting in shortcomings observed in internal control mechanisms.
  
  The Entity was found not to be sufficiently controlling the agents that provide customers with binding offers, in breach of Article 29 of the aforementioned Law 10/2014.

Both sanctions are a final administrative decisionAbre en ventana nueva.