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Newsletter for financial enterprises in the Caribbean Netherlands
12th edition - 29 December 2016 |
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Dear relation,
You are receiving this 12th Newsletter for financial enterprises on Bonaire, Sint Eustatius and Saba.
If you prefer to read the newsletter in Dutch follow this link:
Link naar nieuwsbrief NL |
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Last year the AFM reviewed themes including tie-in sales, the amount of life insurance commissions and the stating of interest rates applying to consumer credit.
From its review of tie-in sales, the AFM concluded that the enterprises reviewed did not force their customers to purchase additional products or services. All the firms have now included measures in their procedures to inform customers of this. The review of life insurance commissions revealed that this market is very small and that commissions are not unreasonably high. Following the review of interest rates for consumer loans, all the firms reviewed have informed their customers in writing regarding not incorrectly stating interest rates in their contracts.
Generally, we see that companies are taking the necessary steps to improve the information they provide to their customers.
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To better inform consumers regarding the duties and activities of the AFM, the AFM has given a number of radio interviews on Bonaire, Sint Eustatius and Saba in October 2016. A town hall meeting was also organised on Saba. These interviews and the meeting dealt with issues including the role and mission of the AFM, in addition to customer protection. The AFM explained the rules for responsible lending and explicitly mentioned the maximum lending rate of 23%. |
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The AFM will organise another self-assessment in 2017. The aim of this is to maintain a good understanding of market developments in the Caribbean Netherlands. The AFM will send out the self-assessment questionnaire to banks, credit unions and credit providers in early 2017. The turnaround time will be six weeks. Insurers and intermediaries will receive a request for a self-assessment in 2018. |
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Frequently asked questions on the AFM website
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The AFM regularly receives questions from companies on how certain statutory regulations should be explained, interpreted or applied. The AFM posts the answers to these questions on its website. We advise you to consult this information on a regular basis.
Frequently asked questions |
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Feliz Aña Nobo ♦ De beste wensen voor 2017
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