More controls on financial advisers

Financial advisers and insurance agents will have to tell their customers exactly how much money they personally make on the policies they are selling from January 1, finance minister Wouter Bos told MPs on Tuesday.

The plan is one of a number of measures Bos is introducing to simplify current regulations, boost transparency in the sector and improve consumer protection.
The insurance association told news agency ANP it welcomed the move. ‘However far-reaching, it is a good and necessary step towards further transparency,’ it said in a statement.
Ministers have taken a number of steps in recent years to make sure consumers are properly informed about the risks and costs associated with financial products, particularly those relating to investments.

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