Belgian government plans to increase consumer protection

On 18 February 2013, the Belgian government approved a new package of measures (Twin Peaks II). The measures are aimed at increasing consumer protection and strengthening the powers of the Belgian financial supervisor (FSMA). The formal proposals will become publicly available at a later stage. The package includes a range of measures as outlined in this briefing.

The package includes the extension of the conduct of business rules for financial service providers to insurance companies and insurance intermediaries: These service providers will have to act in a loyal, fair and professional manner and provide correct and clear information which is not misleading. The new conduct of business rules should apply to all financial products and services. The same level of protection should be available for investors in fund-linked insurance products as to investors in other financial products. Everyone who has contact with the investors should have the necessary product knowledge. The measures are aimed at creating a level playing field: the same level of protection should apply regardless of whether a product is bought by an investor through a bank, insurance company or intermediary…

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