The CBI has published the outcome of a review of its consumer protection function by the Netherlands Authority for the Financial Markets (AFM). This review was part of a wider programme between CBI and AFM to allow knowledge sharing between them. In turn the CBI will carry out a similar review of the AFM later this year. Director of Consumer Protection in the CBI, Bernard Sheridan, welcomed the review and stated that it would consider the recommendations made. Some of these recommendations include the following:
- Product Governance and Oversight – enhance supervisory approach in respect of governance and oversight in respect of specific products in the market;
- Problem Based Approach – CBI may wish to consider drawing on elements of the current AFM model in this respect; and
- Low Impact Firms and Enforcement – this strategy could be improved upon to build on existing compliance motivational measures.