Entrepreneurs from small and medium enterprises (SMEs) who have purchased their bank interest rate derivatives, to the end of January next year go any complaints in Kifid. The complaints institute opens January 26 temporary ticket window above.
That have Kifid and the NVB, the interest group of banks, announced Wednesday . Not every entrepreneur can go there. The office is open to smaller companies from SMEs. A small SME company in this case is a company that had fewer than 50 employees at the time of conclusion of the derivative contract and a turnover or balance sheet of up to € 10 million
These criteria are selected according to a spokesman of the NVB because this category of entrepreneurs often do not have the resources to bring a dispute with their bank to court.
Critical
According to consultants SME entrepreneurs have chosen criteria mean that a large proportion of entrepreneurs with their complaints fall outside the boat to the Complaints Commission. Patrick van Gerwen of consultancy Cadension on the criteria remarkable. The criteria used according to deviate him from those used in the law for the distinction between professional and non-professional parties. A bank can be a lot like professional qualification as at least two of the following criteria: balance sheet total of at least € 20 million, a turnover of at least € 40 million and an equity of at least € 2 million
<. p xmlns = "http://www.w3.org/1999/xhtml"> Van Gerwen estimates that 15% to 30% of the SME entrepreneurs with interest rate derivatives can not go to the Complaints Commission with their complaints. Also consultant Frank Wine fears that a large part of the small and medium business with a complaint to the court must nevertheless steps. NVB does not have the right does not have figures for this to make a uitspraka.
Duty of Care Action
Special complaints is part of a large duty action on interest rate derivatives. Part of the SMBs say they are in trouble because of these financial products. According to the banks have not explained well the effect of the derivatives them. Another complaint is that the product was too complex to sell to
Troubleshooting
The derivatives are sold as protection against rising interest rates on corporate loans provided to entrepreneurs. But due to the strong decline in interest rates, many of the derivatives ‘under water’ come to be. In other words, their value is currently heavily negative
This negative value brings some entrepreneurs in trouble, such as the duration. derivatives is longer than the duration of the time credit granted. Other entrepreneurs say by the negative value to have arrived at the department of special management of the bank and not to be heavily congested.
Reassessment
Supervisor AFM, which already ‘shortcomings’ found in service around interest rate derivatives, has Based on these findings and the complaints of small and medium business, banks ordered to submit all outstanding derivative contracts to a reassessment. It is examined whether the product is suitable for the customer and whether the information has been good. The re-evaluation should be completed in the summer of 2015
From the most vulnerable companies -. To think of the companies in particular sit management – the reassessment should be ready in March next year
Cost
<. p xmlns = "http://www.w3.org/1999/xhtml"> As for complaints from consumers, the option of Kifid only for claims of up to € 1 million. Although the cost of the ticket office will be borne by the banks should SMBs who do turn to the complaints institute a contribution to the costs of providing € 500 euro and € 1,000 for a possible appeal. The money they get back when they are equated in the Kifid.
According to the NVB, the banks have no ceiling set for . the cost of the special counter
Rules
Voor the handling of complaints by the Complaints will be a separate regulation. This is currently with the Ministry of Finance for approval.
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