DSB Bank fined over mortgages

Thursday 02 July 2009

The financial services authority AFM has fined DSB Bank €96,000 for not doing enough to make sure customers were given mortgages they could properly afford.

A further €24,000 fine relates to the bank's failure to find out enough about customers' financial situation and give them proper advice.

The fines stem from an investigation into 'parts of DSB's services' carried out in May, June and July last year.

DSB focuses on the mortgage and private loan business under names such as Frisia, Lenen.nl, Becam and Postkrediet.

A spokesman for the bank, which is privately owned, said steps had been taken to adapt its procedures. Nevertheless, the bank did not agree with the AFM's findings and is preparing an appeal, he said.

A foundation representing some 700 DSB mortgage holders is currently working on a collective claim against the bank, which it says saddled people with excessive mortgages.

© DutchNews.nl

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