The Dutch Authority for the Financial Markets published details of a fine against Vodafone Financial Services for extending unaffordable telecom credit after a software error caused required affordability checks to be skipped for several weeks in August 2022. The regulator imposed a EUR 375,000 fine in July 2024, which the Rotterdam District Court reduced to EUR 185,000 on June 18, 2026, based on the violation’s seriousness and duration, culpability and a five-month breach of the reasonable-time requirement. The error resulted in 158 customers receiving credit that should not have been granted, or should have been provided only in a lower amount. Vodafone Financial Services had previously received warnings for similar violations in 2018 and March 2022. The regulator reduced the fine from a EUR 2.5 million base amount because of the limited scale and customer impact, the company’s cooperation and remedial measures, and its compensation of affected customers through debt forgiveness while allowing them to keep their phones.
2026-08-20Dutch Authority for the Financial Markets
Dutch Authority for the Financial Markets reports Vodafone Financial Services fine reduced to EUR 185,000 for irresponsible lending
The Dutch Authority for the Financial Markets reported that Vodafone Financial Services’ fine for irresponsible telecom lending was reduced by the Rotterdam District Court from EUR 375,000 to EUR 185,000. A software error caused affordability checks to be skipped, resulting in 158 customers receiving credit that should not have been granted or should have been lower.