Bankinter sanctioned by the CNMV 4.1 million
The CNMV has sanctioned Bankinter for committing two offenses serious.
BOE 4 October 2016 firm publishes administrative sanctions imposed on Bankinter S.A.. for committing two very serious infringements.
The first breach of the provisions of Article 79 to) of the Securities Market Act, for failure to perform appropriateness test or inadequate performance in cases of clients who hired swaps between 1 January 2008 and 31 January 2009. It imposes a fine of four million euros.
The second for breach of the article referenced previously ordered, regarding the evaluation with the evaluation of convenience for retail customers, on complex financial instruments (structured bonds). The fine for this reason is 100.000 euros.
these fines, They are firm on administrative, It may be reviewed before the administrative jurisdiction.
Particularly striking is the low amount of penalties, relative to the volume actually hired by the bank.
Bankinter was one of the most active marketing both entities Swaps (primarily under the names "Exchange rates / fees" and "clips").
Moreover, He was used to fund the marketing of structured bonds. only Lehman Brothers structured bonds sold an amount of 89 million to 980 customers (Source Europa Press). The minimum investment was 50.000 euros per holder . He also sold the Bono Bono Clip and Clip Selection Selection Capital. Last, He placed among its clients bonds of Icelandic banks Landsbanki and Kaupthing. The fine 100.000 euros seems "chump change" compared to the damage caused to customers and the benefits obtained by the bank marketing.