Announcement AFM concerning developments at DSB

The AFM has established that the emergency regulations with respect to DSB Bank have been applied for and approved.

In the coming period, during which the activities will be phased out, DSB clients will have to look critically at solutions to be discussed. There should not only be attention for persons with (imminent) payment problems, but also for (other) persons in respect of whom DSB has not complied with its duty of due care in a proper manner.

The AFM will continue its ongoing investigations. These are mainly investigations into single-premium policies. This investigation was started pursuant to the duty of care with respect to these products introduced on 1 July 2008. The results of the investigation into lending have also been included in this investigation.

The AFM, together with DNB, is investigating the role of former and current DSB Bank directors. The Minister of Finance has also made an announcement in this regard.

Chairman of the Executive Board Hans Hoogervorst has decided not to become involved in  the investigation into the (former) directors and the decision-making in this respect. This to prevent any semblance of bias, in view of the fact that he cooperated closely with some of them in the past.

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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