ING paid the EUR 380,000 fine for outsourcing asset management of pension funds
ING Life Insurance and INF Pensions yesterday paid the EUR 380,000 worth fine for outsourcing the asset management activity for the 3 pension funds they manage (two voluntary and one mandatory), ING representatives told www.privatepensions.ro. The deadline for the payment would have been today, the 17th of July.
On the 17th of June, ING Life Insurance and ING Pensions were given a fine by CSSPP, the Romanian pensions regulator, because they outsourced the asset management activity for their pension. The fine was worth RON 1.385 mln. (EUR 380,000) - the harshest penalty ever given by CSSPP, after a series of written warnings to other pension fund managers.
The two ING companies outsourced the asset management activity for the pension funds to ING Asset Management B.V. The Netherlands - Bucharest, move forbidden by a decision by CSSPP, dated April this year.