The Netherlands Authority for the Financial Markets (AFM) today announced that it is fining International Card Services (ICS), a wholly-owned subsidiary of ABN AMRO, for excessive credit limits.
In March 2017, ICS took the initiative itself and prepared a compensation plan for the clients concerned.
The EUR 2.4 million fine relates to shortcomings in ICS’s lending practices from June 2012 to March 2015. Some ICS clients were given credit limits that were too high, for which they paid interest and, in some cases, fees.
ICS has given its full cooperation in the AFM’s investigation into this matter and has remedied the shortcomings in its service. ICS has started implementing the compensation plan (in Dutch only) for the clients concerned, and the plan is proceeding as expected.
ICS will pay the fine imposed by the AFM.