Insurance companies which sold investment-based savings schemes may have to refund their customers because not enough of their contributions were actually invested, the Telegraaf and NOS tv report on Tuesday.

According to the Financieele Dagblad the total compensation could be as high as €2bn which is double the figure analysts’ estimated last year.
The recommendation for a refund, which is not binding, comes from the financial services ombudsman and is expected to be published today.
Some 6.5 million investment-based savings policies were sold in the 1990s, NOS says.
Last year research for the Financieele Dagblad showed that up to 86% of the premiums for small investment-based saving schemes goes on costs, commission and life insurance. Fortis and Aegon in particular are known to have sold millions of the policies, the paper said at the time.