Regulatory Alerts2024-02-27
Towards a Barrier-Free Complaint Procedure
The Dutch Authority for the Financial Markets (AFM) issued this report on February 27, 2024, following an investigation into how pension funds comply with the new Pension Act's complaint handling requirements. The regulator found that while most funds are adapting, over 100 of 145 funds still fail to use the legally mandated broad definition of a complaint, creating unnecessary barriers for participants. The AFM urges pension funds to immediately align their definitions, ensure accessible descriptions, and implement robust procedures to learn from complaints and improve participant relations.
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