Insurance group Nationale Nederlanden faces a possible €2.7bn claim for miss-selling of its investment-based savings scheme.

Website Follow the money has obtained a copy of a report by financial services complaints institute Kifid which says Nationale Nederlanden charged a client undisclosed costs on an investment-based savings scheme and must repay these together with the unrealised interest.

Judgements by Kifid are binding, the website said.

Nationale Nederlanden sold around 691,000 investment-based policies to clients. According to Follow the money, each policy-holder could claim €3,900, making a total of €2.7bn if every client puts one in.

The miss-selling scandal began in 2006 and several insurance companies have already paid out millions of euros in claims. The policies became known as woekerpolissen (profiteering policies) because of the high charges