The Authority for the Financial Markets (AFM) of the Netherlands today published data on signals about wrongdoing in the financial services sector.

In the second half of 2020, consumers and financial companies submitted nearly 8,700 questions to the AFM. The regulator also received and assessed 2,732 signals about possible wrongdoing.

The regulator notes the high number of signals about suspected investment fraud. The number of reports by private investors about possible deception or scams by foreign investment parties has grown enormously since 2019. There are now hundreds of signals about dubious practices. In addition, the AFM received many complaints about payment accounts and objections to the identification requirements at financial companies.

Over the whole of 2020, the AFM received 19,891 questions and 4,595 signals. In 2019, the regulator received was 17,258 questions and 5,227 signals.

The AFM often acts against wrongdoers. In January 2021, the AFM confirmed the imposition of a series of fines on the operators of CFD trading platform 24option.com. The regulator issued a total of six fines in relation to 24option.com. The fines targeted Rodeler (NL) B.V., Rodeler Limited and Mr A. Shkuri, a regional manager.

The regulator has determined that Rodeler NL has provided investment advice to clients without having the required license and has been guilty of aggressive and misleading trading practices. The AFM has imposed fines not only on Rodeler NL itself, but also on its parent company Rodeler Ltd and on regional manager A. Shkuri.