The Netherlands Authority for the Financial Markets (AFM) announces that on 30 December 2010 it imposed an administrative penalty of € 50,000 on O&B Finance Nederland B.V. (O&B) for illegal door-to-door selling. In the period of 30 March 2009 to 2 September 2009, O&B tried to induce consumers to take out loans by making house calls.
At the time of the violation, O&B was a financial service provider that provided brokerage services in consumer credit and credit protection insurance. O&B has not been active since the end of 2009.
Investigation by the AFM has shown that O&B made house calls to consumers with the aim of having them take out loans with one of the providers on whose behalf O&B provided brokerage services. This is contrary to the prohibition contained in Article 6 of the Door-to-Door Sales Act. The prohibition does not apply if the house call was mainly initiated by the consumer, but this was not the case for O&B. O&B took the initiative by approaching consumers by telephone without being asked and (in a second telephone conversation) aiming for an appointment at the consumer's home.
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.