financial services

News Update Financial Regulatory

Professional competence of financial services providers' staff members
17 November 2020
17 November 2020

Staff of financial services providers who are in contact with customers ("customer relations officers") must be professionally competent. They must be familiar with the latest developments in their area of expertise and be able to apply these in their work.

When customer relations officers recommend specific products to specific customers, they are advisers. In that case, they must have a diploma and are also subject to continuing professional development requirements. Investigations by the Dutch Authority for the Financial Markets ("AFM") show that these requirements are not always met.

In this News Update, we provide you with a list of the professional competence requirements.

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Written by:
Berry van Wijk

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