Dutch Watchdog Fines Santander €1.1M Over Loan Breaches

Law360, London (September 12, 2019, 2:04 PM BST) -- The Dutch financial regulator has hit a local unit of Santander Consumer Finance with a €1.1 million ($1.2 million) fine for breaching consumer credit rules.

Santander Consumer Finance Benelux BV, a fully owned subsidiary of Spanish banking group Santander, offers consumers different forms of financing, such as revolving loans and personal loans. The Netherlands Authority for the Financial Markets said Wednesday that the financial group had violated several rules for consumer credit.

As part of a review into responsible lending, the regulator selected and investigated a sample of 30 SCF Benelux customer files, finding that Santander had not obtained sufficient information...

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