ING fined by financial services watchdog over mortgages

The financial services watchdog AFM has fined the ING Group a total €130,000 for selling irresponsibly high mortgages and credit facilities, both parties said on Tuesday.

The fine was the result of an investigation into the big Dutch banks under new banking regulations.
The AFM discovered that in five out of 20 cases ING had not sufficiently shown the mortgages to be responsible.
In a reaction, ING said that in all five cases it had put the interests of the client first and no damage had been caused to the clients. It will, however, not be challenging the fines.
The AFM investigation has already led to fines for other banks.

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