Friday 27 November 2020

Financial services watchdog issues fewer fines, raises more money

Photo: DutchNews.nl

Photo: DutchNews.nl

The Dutch financial services authority AFM handed out fewer fines last year than it did in 2014 but the actual amounts were higher, according to the watchdog’s annual report.

In total, the AFM issued 17 fines in 2015, compared with 31 in 2014. The amount raised was €9.6m, which is over €2m higher than the 2014 total, the NRC reports.

The AFM said it had issued fewer fines because last year it concentrated  on bigger, more complex cases.

The biggest fine went to ABN Amro, which had to pay €2m for failing to meet information requirements about derivatives sold to small and medium-sized companies.

Among the other fines: Insurance group Delta Lloyd had to pay €750,000 for misusing information about changes in interest rate calculations in 2012.

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