Delta Lloyd’s record fine was for ‘misusing confidential information’: FD

delta lloyd logoInsurance group Delta Lloyd was fined a record €22.8m last year for trading based on an invitation to a confidential meeting organised by the central bank and trying to find out what the meeting was about, the Financieele Dagblad says on Wednesday.

The paper bases its claim on anonymous sources ahead of a court case against the central bank brought by the insurer.

The central bank handed down its biggest-ever fine and demanded the resignation of financial chief Emiel Roozen last December. The bank is said to be furious that Delta Lloyd acted on the confidential information that interest rates were being adapted.

The central bank had asked a delegation from the insurers’ association Verbond van Verzekeraars to meet on June 29, after which senior Delta Lloyd managers used their contacts to try to discover what the meeting was about. The central bank regards this as fishing for confidential information, the sources said.

Delta Lloyd said in a news release on December 22 it did not break the law and that it has a difference of opinion with the central bank about the ‘confidential nature of the information’.

Thursday’s court case is aimed at preventing the central bank publishing its reasoning for the fine, the Financieele Dagblad says.

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