Tuesday October 20, 2020

KBC fined €18.3m for serious failures over tracker customers

Central Bank says impact of overcharging led to the loss of 66 properties, 11 of which were family homes

24th September, 2020
KBC has admitted to 12 regulatory breaches which affected 3,741 customers’ accounts from 2009 to October 2019. Picture: Rollingnews.ie

The Central Bank has fined KBC Bank more than €18 million over serious failures which had a devastating impact on some of its tracker mortgage customers.

KBC has admitted to12 regulatory breaches which affected 3,741 customers’ accounts from 2009 to October 2019.

The Central Bank said the €18,314,000 fine was at the “highest end of its sanctioning powers” which reflected “the gravity with which the Central Bank views KBC’s failures”.

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