ING subsidiaries Nationale Nederlanden, Postbank and RVS have agreed to pay a total of €365m in compensation to policy-holders who paid too much in costs on their investment-based savings schemes.

ING has reached the settlement with two foundations representing policy-holders. Their members still have to approve the deal, which covers 730,000 policies. The charges and fees levied on around half of these will entitle the policy-holder to compensation, the NRC reports.
In September Delta Lloyd became the first financial services group to agree a compensation package, totalling €410m.
Later that month Aegon said it too was prepared to make a compensation deal, but no figures have yet been made public.
Investment results
The issue of compensation relates to investment schemes which were sold to pay off mortgages or top up pensions. The final value of the policy would depend on investment results.
But huge costs attached to some policies means very little of the actual premium has been invested. Some six million investment-based policies have been sold since the beginning of the 1990s.
Earlier this year, the financial services sector ombudsman said that policy-holders faced with costs amounting to more than 3.5% of their total premium should get financial compensation.