What are the requirements concerning the professional competence of an employee, who is not the actual supervisor, who works in the Caribbean Netherlands?
The legislation contains the following:
Section 3:11 of the Wfm BES stipulates that a financial institution must ensure the professional competence of its employees and other natural persons who, under its responsibility, are directly employed in the provision of these products or in providing these services. To this end, in any case, such a number of actual supervisors of the enterprise must possess sufficient professional competence that the quality of the services to the consumer or client can be assured.
This is further elaborated in Section 3:27 of the Financial Markets (BES Islands) Decree (Besluit financiële markten BES - Bfm BES): employees and other natural persons who, under the responsibility of a financial enterprise, are directly engaged in offering financial products or providing financial services, will possess sufficient relevant training provided by a financial institution or third party, or experience equivalent to this training.
Section 3:29 of the Bfm BES includes the provision that a broker in non-life insurance or life insurance must ensure that all the people, who have the actual management of an establishment of its business, possess a diploma that pursuant to Section 3:4 is designated for the brokerage of non-life insurance or life insurance respectively.
For this aspect there are two options:
Any employee who has substantive contact with the client will have a diploma, thus meeting the requirements of Section 3:27 of the Bfm BES;
Enough actual supervisors will have diplomas that the quality of the financial services to the client can be assured.
The AFM assumes in this context that the professional competence of the recommendations from employees who do not meet the professional competence requirements is assured through the visual checking of the recommendations by the actual supervisors.
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