District Court reverses fine for excessive consultancy fees

^{(1) The AFM has declared the objection against the fine unfounded while supplementing its reasons.
(2) The Rotterdam District Court considered Cas' appeal well-founded, reversed the AFM's decision on the objection and cancelled the decision to impose the fine.
(3) The AFM submitted an appeal.}

The AFM investigated five client files in which Cas issued advice about and provided intermediary services with respect to the transfer of investment-linked insurance, during the period from September 2012 up to and including November 2012.

According to the AFM, Cas charged fees in the investigated client files that were not proportionate to the activities as became evident from the client files. The AFM considered that this meant that Cas charged fees that were clearly unreasonable.

The District Court is of the opinion that the AFM has not demonstrated plausibly that Cas charged fees that were clearly unreasonable.

The AFM has submitted an appeal against the decision rendered by the District Court.

The AFM has removed the previous press release and the decision to impose a fine from its website.