UPDATE 27 june 2011: the decision of 28 Octobre 2010 to impose an administrative fine of 13,950 Euros on Multi Risk Verzekeringen has become legally irreversible. There is no possibility of filing an objection or appeal against the decision.
On 19 October 2010, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of € 13,950 on Multi Risk Verzekeringen, also trading under the name Multi Risk & Management Groep, with its registered office in Hilversum. The AFM started an investigation at Multi Risk Verzekeringen B.V. in September 2009 pursuant to signals from the market. The AFM has established that during the period of 1 July 2008 to September 2009, Multi Risk Verzekeringen B.V. had provided brokerage services with respect to insurance and credit without holding the required AFM licence.
This is a violation of the prohibitory provision that provides that it is illegal to provide brokerage services in the Netherlands without a licence (Section 2:80, first subsection, Wft). The fine was mitigated from € 96,000 to € 13,950.
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.