The Dutch central bank and financial sector watchdog AFM have charged companies too much for their services, the company appeals court ruled on Friday.

The case, which dates back to 2005, was brought by four asset managers, which disputed the size of the bank and AFM’s bills. The AFM charges for its supervisory duties, the bank for monitoring solvency.
According to the investment company lobby group, between 60 and 70 companies have registered their objections to the increase in fees. This means the central bank and AFM may have to refund millions of euros.
The law changed in 2005 to make investment companies liable for the cost of their supervision.