The Netherlands Authority for the Financial Markets (AFM) imposed an administrative penalty of 6,000 euros on Op Doorreis V.O.F., on 27 April 2009.
The fine was imposed because in the period from January 2007 to May 2008, Op Doorreis V.O.F. performed intermediary services relating to life insurance contracts between clients and a provider, without having the required licence. Mediation in life insurance contracts requires a license from the AFM pursuant to Article 2:80 of the Act on Financial Supervision. The penalty was reduced from 96,000 euros to 6,000 in view of the offender's limited financial capacity.
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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.
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