Financial services watchdog should have more power

A majority of MPs agree the financial services watchdog AFM should have more say on new products that the banks want to bring to market, the Financieele Dagblad reports on Tuesday.

The opposition parties Labour, Socialists and left-wing greens GroenLinks are to ask the government to give the AFM more say in which products are acceptable and which are not.
The AFM has said it does not want to look at each new product individually but would find it useful to check product development within banks at an early stage. This would avoid the repackaging of sub-prime mortgages which triggered the financial crisis.
Talks between the parties and finance minister Jan Kees de Jager on the subject continue on Wednesday.

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