The financial services sector watchdog AFM has fined SNS bank €30,000 for failing to get enough information about customers’ financial expertise when selling investment schemes.
The AFM investigated 14 cases and found that in 13, the bank had not asked enough about the customer’s financial position, expertise, aims and willingness to take risks. Without this knowledge, the bank was not in a proper position to sell investment-based products, the AFM said.
A spokesman for the bank told news agency ANP SNS had re-examined its procedures in the light of the AFM investigation and paid compensation to some 500 clients.
Earlier this year, the AFM fined both Postbank (now integrated into ING) and DSB bank for not finding out enough about customers’ finances before selling policies.
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