On 27 October 2010, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of €30,000 on Meeùs Groep B.V. (Meeùs), for failing to obtain sufficient information when issuing pension advice. Meeùs is a financial service provider that issues advice in the field of pensions.
The AFM has established that in the period of December 2008 to March 2009 Meeùs recommended a certain pension product to four employers, but did not obtain sufficient, or did not obtain at all any information concerning the financial situation, risk acceptance and the knowledge and experience of the employers in three of these four files. The fact that insufficient or no information was obtained means that Meeùs was unable, in three of the four investigated files, to base its recommendation in part on this information.
This means that Meeùs violated Section 4:23(1), parts a and b, of the Financial Supervision Act (Wft). This Section requires financial undertakings issuing advice to clients to, among other things, gather information about the financial situation, knowledge, experience, objectives and risk acceptance of the client, in the interest of the clients, and to the extent relevant for the advice. The financial undertaking is required to ensure that the advice is based in part on this information, to the extent such is reasonably possible.
The Trade and Industry Appeals Tribunal (CBb) has ruled definitively in a decision dated 6 February 2014 that the administrative fine imposed by the AFM on Meeùs for violation of Section 4:23(1), parts a and b, Wft is lawful. The decisions of the CBb dated 6 January 2014 mean that fine imposed on Meeùs has become final.
If you have questions or complaints, please contact the AFM's Financial Markets Information Line: 0800-5400 540 (free of charge).
The AFM is committed to promoting fair and transparent financial markets.
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