Fortis to compensate savers for costs

Fortis has agreed to pay €780m in compensation to policy-holders who paid too much in costs on their investment-based savings schemes.

Fortis units Fortis ASR, De Amersfooortse and Amev have been owned by the Dutch state since the group’s nationalisation in October.
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. In November, ING subsidiaries Nationale Nederlanden, Postbank and RVS agreed to pay a total of €365m in compensation
Some 6.5 million investment-based policies have been sold since the beginning of the 1990s by around 20 different companies. But huge costs attached to some policies means very little of the actual premium has been invested.
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.

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