Complaints

Perhaps you are dissatisfied with services of a bank, insurer or another financial institution. If this is the case you can submit a complaint. Read here how and where to submit a complaint in 4 steps.

Step 1: Write a letter

Do you have a complaint about saving, loaning, investing or insurance? For example: you have not been informed properly of the risks or costs? First write a letter to the financial undertaking. Also send a copy of your letter to the AFM Financial Markets Information Line.

Clearly (short and to the point!) describe your complaint in your letter and what you expect of the financial undertaking. This will give the undertaking a chance to respond to the complaint. A financial undertaking is obliged to deal with a complaint in careful manner and within a reasonable term. Step 4 (check all steps) provides within what term you can submit a complaint.

What is the complaints procedure?

Financial undertakings are required to have a complaints procedure in place. It sets out what you have to do when you have a complaint.

The complaints procedure can be found in the General Conditions or in the contract of the financial product. And sometimes also on the undertaking's website. If you are satisfied with the manner in which your complaint was handled you do not need to take any further steps. Proceed to step 2 if you are not satisfied.

Step 2: If the matter remains unsolved, go to Kifid

You are not satisfied with the answer from the financial undertaking? Or the undertaking fails to respond? Then write a letter to the Dutch Institute for Financial Disputes
(Kifid). Also simultaneously send a copy of your letter to the AFM reporting line: step 4.

The Kifid is currently the only disputes agency recognised by the Minister of Finance. Some undertakings are not required to be affiliated with the Kifid. These concern exceptions. Do you wish to learn whether a financial undertaking is affiliated with the Kifid? Then visit their website.

Kifid address

Klachteninstituut Financiële Dienstverlening (Kifid)
Postbus 93257
2509 AG, DEN HAAG
Telephone: 070-333 8 999, e-mail:
consumenten@kifid.nl, www.kifid.nl

Step 3: Bring the complaint to the court

If the Financial Services Complaints Tribunal (Kifid) cannot handle your complaint, you may consider applying to the courts. If you go to court, you will subsequently not be able to apply to the Kifid.

Subsidised legal assistance

Do you have a low income or few personal assets? Then you may qualify for subsidised legal assistance. The government will then pay part of the legal costs and you will pay an personal contribution. For more information on legal proceedings or subsidised legal assistance you can contact a lawyer or a Legal Desk. This is an independent organisation with offices throughout the Netherlands.

Consumer law within the European Union

Information on consumer law in a different country within the European Union, Norway or Iceland can be obtained from the European Consumer Centre (ECC). The ECC can also help you with complaints about undertakings in other European countries, Norway or Iceland.

Contact information

The Legal Desk
www.juridischloket.nl
0900 80 20 (0.10 cent per minute)

European Consumer Centre (ECC)
PO Box 487, 3500 AL Utrecht
info@eccnl.eu, www.eccnl.eu
030-2326440

The AFM takes action when these undertakings break the rules. This we can do based on the complaints we receive and if there is sufficient information to initiate an inquiry.

It is therefore also important to always send a copy of your letter to the AFM's Financial Markets Information Line. This can be done anonymously. Enclose all relevant information, so the AFM will be able to take targeted action.

The information we need from you:

contract or agreement
information that shows what product is involved
information that shows when you purchased the product

What can the AFM do for you?

The AFM can institute an investigation into a financial undertaking that may have broken the rules. If necessary, the AFM can consult with the undertaking, impose a fine or revoke its licence. Your complaint can also contribute to amendment of legislation and regulations.

What the AFM won't do

The AFM cannot mediate on your behalf or determine that your complaint is well-founded. You will have to apply to the Kifid or the courts for this purpose. The AFM cannot inform you whether an investigation will be conducted pursuant to your complaint. The AFM will inform you if your complaint leads to a publication.