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Van Lanschot Kempen to provide compensation for charging too much variable interest on revolving consumer credit

Published: 8.00 CET

In line with previous rulings by the Dutch Institute for Financial Disputes (Kifid), Van Lanschot Kempen will repay current and former clients for too much variable interest charged on revolving consumer credit. Van Lanschot Kempen has spent the past few months investigating which clients have been affected.

Its investigations revealed that, in the case of these clients, variable interest rates failed to correctly move in tandem with applicable market rates. Only a small group of clients was affected, as Van Lanschot Kempen, an independent wealth manager, mainly focuses on growing its clients’ wealth and less on revolving consumer credit.

Van Lanschot Kempen has made provisions of over €3 million to fund the compensation scheme and its implementation, charged to 2021 results.

More information

Media Relations: +31 20 354 45 85; mediarelations@vanlanschotkempen.com
Investor Relations: +31 20 354 45 90; investorrelations@vanlanschotkempen.com

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Van Lanschot Kempen to provide compensation for charging too much variable interest on revolving consumer credit (pdf)