The regulator considers that the banking entity has violated the legislation “by not acting in the optimal interest of its clients and receiving incentives that are not allowed on an occasional or isolated basis”
The National Securities Market Commission (CNMV) has sanctioned Ibercaja Banco SA for a serious infringement and imposed a fine of 240,000 euros.
According to a resolution published this Friday by the CNMV in the BOE, the supervisory body considers that the banking entity has violated the legislation “for not acting in the optimal interest of its clients and receiving incentives that are not allowed on an occasional or isolated basis.”
The CNMV specifies that the sanction is only firm in administrative proceedings, being subject to judicial review by the Contentious-Administrative Chamber of the National Court.
Last February, the Bank of Spain imposed another fine on Ibercaja Banco, in this case of 1.08 million euros, for a serious infringement on pre-contractual information and the calculation of the Annual Equivalent Rate (APR).
