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BinckBank reaches settlement agreement over misleading information

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BinckBank reaches settlement agreement over misleading information

BinckBank NV reached a settlement agreement with the Dutch investors' association, or VEB, and advisory service provider Vermogensmonitor, following customer complaints that they were misled.

BinckBank in mid-2016 was fined by the Dutch financial markets regulatory authority for "unclear and misleading information" in commercials for its Alex Vermogensbeheer business. The settlement also covers complaints regarding the way in which Alex Vermogensbeheer warned of the risks of financial market conditions that occurred in 2014.

The settlement allows VEB and Vermogensmonitor to offer compensation to affected customers. Taking into account a €5.25 million provision recorded in 2015, the agreement will result in a hit to BinckBank's fourth-quarter 2016 profit of €2.75 million.