Wave of complaints about Saxo Bank continues | Financial

According to Hoogstraten, most complaints are about the poor accessibility of Saxo after the takeover of BinckBank. Customers also sound the alarm about a test that they have to take to be allowed to trade in certain investment products, even though they have already successfully passed that test.

“There are also many complaints about margin requirements and the inability to trade in certain turbos, while this was possible at Binck. A common complaint is that customer transaction/yield history is no longer visible after switching to Saxo. There are also problems when switching to another broker and when closing the Saxo account,” Hoogstraten sums up.

Hard to reach

Saxo has been the owner of BinckBank since 2019. The transfer of more than 500,000 Binck customers to Saxo’s trading platform is currently leading to a wave of complaints. Customers who want to contact the investor bank encounter customer service that is difficult to reach.

Hoogstraten says that he started Saxoclaim.nl ‘out of frustration’ because of his problems as a Binck customer. Those have now been resolved. But he wants to use his website as a legal stick to help the bank resolve customer complaints more quickly.

“We are busy mapping out all complaints,” says Hoogstraten. “We have not yet had any contact with Binck/Saxo. We will first consult with a legal advisor.” On Saxoclaim.nl, affected customers can register with the aim of starting a lawsuit against Saxo if there is sufficient interest.

Saxo Bank Nederland director Saskia Klep acknowledged last week that the investor bank was difficult to reach despite a doubling of employees who answer questions from customers. “I find this incredibly annoying. Every complaining customer is one too many,” said Klep.

AFM

The AFM also reports that customers of Binck and Saxo can also submit their complaints to the Financial Markets Reporting Center of the regulator. “Depending on the number or severity of the signals, further investigation is being conducted,” said an AFM spokeswoman.

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