Financial services regulator clamps down on financial advisors
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Add as a favourite source on Google Add DutchNews as a favourite source on GoogleThe financial services regulator AFM took specific action in 414 cases involving poor financial advisors last year, compared with 113 in 2008, the organisation said on Thursday.
The AFM handed out 23 fines, withdraw 31 licences and ordered over 200 financial advisors to change their ways of working. A further 140 advisors were told in either letters or face to face meetings to improve their standards, the organisation said.
One company was given a public warning and one other reported to the police.
The AFM said the increase is due to its policy of focusing on the bottom layer of the financial services market last year.
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