Information provided by law to investors to warn them of the pitfalls of stock-related savings and insurance schemes are useless, a special commission will report today, according to the Telegraaf. The commission was set up by the insurance industry at the beginning of this year following the publication of a scathing report by the financial services watchdog AFM.
That AFM report said life insurance and mortgage schemes which were based on stock market performance often performed badly, largely because of the high level of hidden costs. Almost 50% of the population have such investments.
Sources told the Telegraaf that the De Ruiter commission will recommend a much more detailed analysis of the costs of such policies so that investors can see exactly how much money the middlemen, insurers and investment funds make.
Sources also told the paper that the insurance industry was prepared to fully accept the report’s conclusions.
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