ING to amend compensation to Dutch retail customers with certain consumer credit products
ING Netherlands announced today that it will amend the compensation to customers with for revolving credit facilities and continuous overdraft limit products where the variable interest rate did not sufficiently follow market rates. In October 2021, ING announced this compensation, execution of which is progressing well.
Based on a recent ruling by the Dutch Institute for Financial Disputes (Kifid) regarding similar products at comparable industry cases, ING will amend its previously announced scheme by also compensating interest on interest. ING expects to book a provision of approximately €75 million in its third quarter 2022 results.
This is in addition to the previously announced provision of €180 million booked in the third quarter of 2021.
More details on the compensation for our customers can be found on ING’s Dutch website www.ing.nl.