SNS Reaal to study single premium policies

SNS Reaal is to take a close look at its own range of financial products, including single-premium annuities, in the wake of mounting criticism about high charges.

‘We will amend the cost and fee structure If there is reason to do so,’ a spokesman told the Financieele Dagblad. SNS will take this step ‘partly because of the current social developments’, the spokesman told the paper.
On Monday independent bank DSB was declared bankrupt after savers withdrew their cash following a high-profile campaign about the high fees paid to agents selling the bank’s credit insurance. On Thursday, credit company Afab also said it was reassessing customer files.
SNS Reaal also confirmed it is one of six companies which were part of an investigation into credit insurance fees carried out by the financial services regulator earlier this year, the FD said.

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