OCU considered insufficient Bankinter fines by the lack of information to its customers

Bankinter has been banned for two fines by the CNMV for a total amount of 4 million euros for failing to ensure that customers understand the terms of the financial products they hired. Specifically it comes to products sold between January 2008 and January 2009 known as swaps or swap.

For OCU these products are another example of the many toxic financial products marketed in recent years by banks with preferred, convertible into shares. Swap Swaps are financial contracts or hedging, highly complex that have been unduly massively marketed among consumers. In most cases, these products have been sold linked to the mortgage, as insurance against increases in the Euribor when in the opinion of OCU really are not safe and should only be traded between expert public.

OCU appreciates that penalizes banks that have failed in their duty to provide information to consumers, offering not only impartiality but an understandable and appropriate consumer wording, but OCU these fines come too late and their amounts are well below the I harm caused to consumers.

In addition OCU believes that should be affected consumers who receive compensation for these malpractices and therefore could be compensated for damages caused economically. Today unfortunately consumers end up with a unique option in these cases go to court. OCU offers consumers advice and assistance in these cases of financial abuse for more information http://www.ocu.org/movilizate/contra-los-abusos-bancarios