The AFM imposes an administrative fine on Mutlu Finance for mediating without a licence

On 25 November 2009, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of € 6,000 on Mutlu Finance. The fine was imposed because Mutlu Finance, in the period of 1 January 2007 to 31 December 2008, provided brokerage services with respect to mortgage loans and life insurance between clients and providers, without having a licence for that purpose. Brokering mortgage loans and life insurance requires a license from the AFM pursuant to Article 2:80 of the Act on Financial Supervision. The fine was mitigated from 96,000 Euros to 6,000 Euros.

Interested parties can submit the AFM's decision to the competent court for review.

If you have any questions or comments you can contact the Financial Markets Information Line on: 0900-5400 540 (5 eurocents per minute).

The AFM promotes fairness and transparency within financial markets. We are the independent supervisory authority for the savings, lending, investment and insurance markets. The AFM promotes the conscientious provision of financial services to consumers and supervises the honest and efficient operation of the capital markets. Our aim is to improve consumers’ and the business sector’s confidence in the financial markets, both in the Netherlands and abroad. In performing this task the AFM contributes to the prosperity and economic reputation of the Netherlands.

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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