Financial watchdog withdraws 47 licences

The financial services watchdog AFM took action against 150 financial advisory firms in 2008 and withdrew 47 operating licences, the organisation said on Friday.

In 2007, the AFM took action against 100 mortgage and investment advisors.
Last year, three financial advisory firms were reported to the public prosecution department because of suspected involvement with criminal organisations, said the AFM.
As well as looking into complaints against registered financial advisors, the AFM also investigated almost 300 illegal service providers last year.
Financial advisors have needed an operating licence from the financial services authority since 2006.

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