In October 2008, the Netherlands Authority for the Financial Markets [Autoriteit Financiële Markten] (AFM) asked all financial service providers that were not affiliated to the Financial Services Foundation [Stichting Financiële Dienstverlening] (StFD) to complete a self assessment. The self assessment has three goals. Firstly, it offers a financial service provider the possibility of establishing whether its operational management fulfils the legislation and regulation requirements. Secondly, it gives the AFM the opportunity to provide greater clarity on the legal standards, which enables the financial service provider to fulfil said legal standards. The self assessment also furnishes the AFM with information for the efficient execution of its supervisory tasks.Suspension of the licence
The majority of the financial service providers completed the self assessment for 2008. In the case of 27 financial service providers, the request for the self assessment resulted in suspension of their licence. Some of these suspensions were necessary because the structure of the operational management was unsatisfactory. In such instances the AFM is unable to perform its supervisory tasks.
Order for incremental penalty payments (LOD)
In addition, nine financial service providers failed to complete the self assessment for 2008, despite repeated requests. On 8 October 2009, the AFM imposed an order for incremental penalty payments on these parties because the self assessment was not completed by the set deadline. They are now obliged to pay the incremental penalty. Moreover, the requested information still has to be supplied to the AFM. This applies to the following financial service providers:
Mr G. Vlot
trading under the name René Vlot Verzekeringen & Hypotheken
3371 XB HARDINXVELD - GIESSENDAM
trading under the name Evon Advies / Mens, Kapitaal & Binding Management / De Kopersmakelaar Om Raed
L.J. Costerstraat 27B
8141 GN HEINO
Grote Beukelaer 18
8141 BP HEINO
Mr S.I. de Boer
trading under the name LEEMAX financieel advies
7944 HT MEPPEL
Mr J.A.C.K. Bolhuis
trading under the name VBB Assurantie Groep
Witte de Withstraat 21-1
9726 EB GRONINGEN
Huba Hypovera B.V.
1814 CL ALKMAAR
Mr H. Groenhof
trading under the name Assurantiekantoor Groenhof
Nieuweburen 116 bv
8911 GA LEEUWARDEN
Mr J. van der Velde
trading under the name Assurantiebedrijf 'De Wouden'
9291 MG KOLLUM
Mr J.P. Smit Klaaszoon
trading under the name Assurantie-Adviesbureau De Berk
1625 CR HOORN-RISDAM NH W.F.
Pandomo Financiële Planners B.V.
3891 DH ZEEWOLDE
If you have any questions or complaints, you can also contact the AFM's Financial Markets Information Line: 0900-5400 540 (0.05 euro 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.