The Comisión Nacional del Mercado de Valores (CNMV), filed a fine of one million euros to the Popular Bank for “very serious” offenses relating to the marketing of financial products to customers.
These irregularities were committed between 2009 and 2011, in addition to the publication of this fine is disclosed on April 21, 2015, by a ministerial order.
“the offense is defined in article 99 of the law 24/1988 of 28 July, on the Securities Market. Specifically, the People violated the provisions of Article 79a of the Act, “the ABC newspaper.
Quoting publication, the Official Gazette on Wednesday, the resolution that the punishment of the People is dated July 22 of this year is published.
the website El Confidencial says that failure in the marketing of products was on the knowledge and experience of its customers to determine if the product was suitable for each and then “when warning, that this assessment threw the product was not suitable for them.”
then as the CNMV points out, these test were completely manipulated by Banco Popular, making customers believe that did not suit them.
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