Earlier today credit card company ICS announced that it is in talks with the Netherlands Authority for the Financial Markets (‘AFM’). ICS contacted the AFM to discuss a number of issues, including mistakes with credit limits and past failures in ICS’s internal processes and IT systems.
As a result of these issues, a number of ICS clients with instalment-plan credit cards, including ABN AMRO clients with credit cards, have been allowed credit limits that are too high. This does not necessarily mean that those clients have experienced problems as a result, however, and, in fact, the overwhelming majority of cardholders do not have instalment plans.
ICS is currently investigating how many clients this issue concerns and how it can resolve the mistakes for its clients. At the same time, ICS is taking steps to ensure that its past mistakes are not repeated in the future.
International Card Services is a wholly-owned subsidiary of ABN AMRO, with its own board of directors and a separate banking licence. ICS is market leader, with a portfolio of more than 3 million credit cards, and has been responsible for issuing and operating Visa and MasterCard credit cards in the Netherlands for more than 25 years. ICS is rated 8 out 10 by its clients for customer satisfaction.