Mônica Bergamo: Procon-SP fines XP Investments in R$ 11.4 million for abusive practices

Procon-SP fined R$ 11.4 million to XP Investimentos and two other financial brokers of the same group for the crimes of practice and abusive clause against clients who tried to conclude transactions through the company’s website.

According to the complaints made to the consumer protection organization, XP charged an additional fee to complete financial transactions when its website was faulty or unstable. Two brokers owned by the company, Clear and Rico Investimentos, were also fined.

Procon-SP says that the practice is abusive, as the cost of a problem in the service offered is transferred to the client. It also claims that there are unfair terms in the XP, Clear and Rico contract, which relieve brokers of responsibility for problems that may occur in their services or trading systems.

“XP cannot release itself from indemnifying the customer in case there is any kind of problem”, says the executive director of Procon-SP, Fernando Capez.

The amount of the sanction imposed on XP Investimentos was R$8.2 million, that of Clear Corretora, of R$2.6 million, and that of Rico Investimentos, of R$620 thousand.

In a statement, XP Investimentos states that it values ​​”the quality of service and transparency in its relationship with its customers” and that it will appeal the assessment.

_{with MOSQUE LEG, VICTORIA AZEVEDO, BIANKA VIEIRA e MANOELLA SMITH}