Private pension firms under AFM fire

A number of private pension firms are not taking proper care of their clients and could face sanctions, the financial services sector watchdog AFM was quoted by news agency ANP as saying on Thursday.

The 15 insurers with a formal duty of care are only meeting an average 64% of their legal requirements and are particularly weak at drawing up client profiles, the AFM said.
Many also failed to send clients an overview of their pensions in the fourth quarter of last year, as required by law. That deadline has now been brought forward to the third quarter, ANP said.
Most people in the Netherlands have a secondary pension through their work, but many also take out top-up policies privately.

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