Netherlands will not compensate high-risk investors

26th August 2008, Comments 0 comments

Finance Minister Wouter Bos says the government should not have to compensate people who took out a share portfolio policy that turned out to be a risky investment.

26 August 2008

THE NETHERLANDS -- Finance Minister Wouter Bos says the Dutch state should not have to contribute to the compensation fund for people who took out a share portfolio policy that turned out to be a risky investment.

According to the financial services ombudsman, the government is partially responsible for the problems surrounding the investment policies, as it reduced the amount that could be claimed back from the tax office, which in turn substantially reduced the return on the investment.

The ombudsman has accused the government of changing the rules abruptly. However, a spokesperson for the finance ministry says the government was not party to the share portfolio contracts and is therefore not responsible for any losses suffered by private individuals.

[Radio Netherlands / Expatica]

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