Update: 7 June 2012: the decision of the AFM has become irreversible by law. There is no possibility of filing an objection or appeal against the decision.
On 30 March 2012, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of €24,000 on Huislijn.nl B.V. The fine was imposed because Huislijn.nl illegally provided brokerage services with respect to mortgage loans. The company did not have an AFM licence.
The AFM has established that Huislijn.nl, in any event from 30 March 2009 to 3 August 2010, obtained more information from consumers than merely contact details. Huislijn.nl concluded agreements with other financial service providers for purchasing these details. The details of the consumers were passed on to these financial service providers against payment.
This means that Huislijn.nl performed activities as an intermediary that were intended to result in the conclusion of mortgage loans. This is a violation of the provision that provides that it is illegal to provide brokerage services in the Netherlands without licence (Section 2:80, first subsection, Wft).
It is important that financial service providers hold an AFM licence. A licence offers protection to consumers. Before the AFM grants a licence, it first checks, inter alia, whether a financial service provider satisfies the requirements of reliability, expertise and integrity. Moreover, a financial service provider that holds a licence has to comply with the so-called continuous rules of conduct. These concern, amongst other things, careful services to consumers.
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: 0800-5400 540 (free of charge).
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.