The AFM is responsible for supervision of conduct in the financial markets. Good governance, fit (co-) policymakers and internal supervisors contribute to sustainable, fair and transparent financial markets. Conduct supervision includes ensuring that customers are treated with due care. Financial enterprises have a responsibility to give the interests of their customers central priority. DNB is the Dutch prudential supervisor, and focuses on the soundness of financial enterprises and contributes to the financial stability of the financial sector.
From these two different perspectives, DNB and the AFM work closely together when assessing management board members and supervisory board members of financial enterprises under their supervision.
The AFM will focus on the candidate's knowledge and experience of the duty of care with respect to consumers, and how customer interests are safeguarded in operational management.. Due to this difference in perspective, DNB and the AFM may have different opinions with respect to a candidate’s fitness. If one of the two supervisors comes to a negative conclusion, this will always prevail. If the AFM and DNB are not in mutual agreement, the supervisor in question can send a binding recommendation to the other supervisor to reject or dismiss the candidate to the other supervisor.
In the case of banks and insurance companies, the AFM will devote specific attention to the product approval and review process (PARP), the institution's vision on how to deal with unit-linked insurance policies or the risk of non-matching service provision. In the case of listed banks and insurance companies, the AFM will also look at how the institution deals with issues such as market abuse and inside information.