The AFM announces, pursuant to Article 1:98 of the Financial Supervision Act (Wft), that the decision of 21 January 2009 to impose an administrative fine of 6,000 Euros on Credit Select has become legally irreversible. There is no possibility of filing an objection or appeal against the decision.
The AFM imposed the administrative penalty because Credit Select, in the period from September 2007 to April 2008, failed to collect sufficient information on the knowledge, experience, objective and willingness to accept risks of its clients with respect to loans and capital sum insurance.
In addition, the AFM has established that, with respect to capital sum insurance, that in nearly all cases it cannot be determined whether the product matches the profile filled in by the client. In one case the product effectively does not match the profile filled in by the client.
On 3 February 2009, the decision to impose a penalty in accordance with Article 1:97 of the Wft was published by means of a press release. The text of this decision was placed on the AFM website (in Dutch only).
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.