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The AFM issues a warning against illegal credit provider Ping Financieringen

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The Netherlands Authority for the Financial Markets (AFM) warns consumers not to take up offers of credit from Ping Financieringen, which also trades under the name of Ping Capital SDB. This party is offering credit without having obtained the obligatory licence from the AFM. Furthermore, it asks consumers to pay money without then providing the loan. It is unwise to take up such offers. The AFM advises consumers always to research a credit provider thoroughly before taking out a loan.

Ping has concluded a credit agreement with at least one consumer. In its brochure and in its credit agreement, Ping states that this consumer has to pay a so-called insurance premium to Ping before he will receive the loan. The consumer did this, but never received the loan from Ping.

Ping is in contravention of the Financial Supervision Act [Wet op het financieel toezicht] because it is offering or has offered credit without the obligatory licence from the AFM. The company moreover does not fall under an exemption from this licensing requirement.

When offering credit, Ping uses the following contact details:

Fax number:         084-0031588

E-mail address:    ping.financieringen@europe.com

Address:            
Harindhorn Building
54 North Sathorn Road
Silom, Bangrak
Bangkok 10500
Thailand

Be alert and be careful with whom you do business

If providers ask for payment for the provision of a loan, consumers run a serious risk that they will lose their money. These payments are frequently referred to as insurance premiums or administration fees. Consumers should not respond to such requests.

The AFM advises consumers to be extra alert with regard to institutions or persons using e-mail addresses that can be created free of charge, such as europe.com, gmail.com, aol.com, yahoo.com, and hotmail.com.

It is also important that consumers check the register on the AFM’s website to see whether a company is authorised to provide loans. The AFM moreover urgently advises consumers to consult its warning lists before entering into an agreement with a party or taking out a loan. These lists state the providers which are known to be untrustworthy.

The AFM has three warning lists at www.afm.nl/waarschuwingslijsten: (1) The AFM warning list. This lists institutions and persons that do not hold a licence although they are obliged to do so by law. It also lists institutions that have not issued a prospectus for their securities, although they are obliged to do so by law. (2) The boiler rooms warning list. This lists companies that have approached investors with an investment proposal without being requested to do so. The companies on this warning list do not have a licence from the AFM or a European Passport. (3) The international warning list. This lists institutions for which foreign regulatory authorities have issued a warning.

For questions or complaints, consumers can contact the AFM Financial Markets Contact Point (Meldpunt Financiële Markten) by telephone 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.

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