I recently read that fewer and fewer consumers are taking out a flash credit. That is good news! The costs for a flash credit are disproportionately high and quickly put consumers in trouble. The decrease is the result of increased consumer awareness and increased supervision of the Authority Financial Markting (AFM). But what exactly does AFM supervision entail?
Financial Markets Authority
The AFM is the independent regulator of financial markets in the Netherlands. To protect Dutch consumers, the AFM supervises financial service providers. The regulator issues permits to financially sound companies. They also check whether financial parties are complying with the rules and legislation. Is this not the case? The AFM then acts by initiating an investigation, issuing an official warning or, in the most extreme case, withdrawing the license.
AFM and check on borrowing money online
The AFM also supervises the loans taken out online. The stricter supervision of flash credits is part of this. I find this very important because it prevents rogue online lenders from burdening consumers with high costs. I would urge you to always check whether a lender has an AFM license. That way you know for sure that you will work with a responsible service provider.
AFM license for banks and credit brokers
We have a license from the AFM from day one. This means that we comply with legislation and regulations. In addition, this permit ensures that we are a financially sound company with expertise. The AFM only grants a license to parties that are transparent and act in the interest of the customer. For me and my colleagues, this is extremely obvious. But unfortunately, this is not the case with unreliable providers.
In addition to AFM, other quality marks
In addition to our AFM license, we are affiliated with and members of various organizations that guarantee that we are a qualitative, reliable service provider.
- Quality Mark Foundation Financial Services: This quality mark shows that our office meets high qualitative requirements. Requirements that go much further than the Financial Supervision Act. Moreover, we are regularly checked by an independent organization to retain the quality mark.
- Dutch Data Protection Authority: Thanks to our membership at the Dutch DPA, you can be sure that we will treat and store your personal data confidentially.
- Financial Services Complaints Institute: We try to prevent disputes at all times. If you do have a complaint, you can always fall back on this independent and impartial body.
- Dutch Association of Financing Advisers and Brokers: We are a member of the NVF and have signed a code of conduct. With this we guarantee that we will always act fairly and according to the rules in the interest of our customers.
What to look for when borrowing money online?
It will now be clear; an AFM license is extremely important! Always pay attention to this when borrowing money online. Also look at additional quality marks or memberships as we have them. That way you can be sure that you are working with a party that has your interest in mind. And of course I hope you just choose us. Then you opt for borrowing money responsibly.