Banking group SNS Reaal said on Wednesday it has set aside €320m to compensate clients who have taken out investment-based savings policies with excessive charges.

Some 40% of the 1,030,000 investment schemes sold under the SNS Reaal flag are likely to fall under the compensation scheme, news agency ANP says.
Delta Lloyd, ING and Fortis ASR have already reached a deal on compensating customers who bought what have come to be known as a woekerpolishttp://www.dutchnews.nl/dictionary/2008/03/woekerpolis.php . Aegon and Eureko are still in talks.
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.
In 2008, 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.