The Dutch Authority for the Financial Markets (AFM) is facing scrutiny following comments made by Gerben Everts, the current director of the Association of Shareholders (VEB), regarding his prior experience with Aegon and the approval of investment brochures whereas serving as a board member at the AFM.
Everts, in a column published in De Telegraaf on July 15th, alleged that after opening a savings account with Aegon, he “was weekly delighted with ronkende brochures, for example about a ‘winstverdriedubbelaar’ of daughter Legio Lease.” He further claimed the brochures, approved by Pieter Lakeman, contained misleading information, specifically failing to disclose exorbitant costs associated with mandatory insurance, characterizing it as “pure fraud.”
Lakeman, responding to Everts’ claims, strongly refuted the allegations, stating that he only approved brochures for standard investment products and that the “fraudulent brochures” from Legio Lease were never presented to him for approval. Lakeman also pointed to a ruling by the Hague court that supported his account. He questioned Everts’ recollection of events and his decision to leave his second term at the AFM in 2021, suggesting a possible issue with accessing and interpreting relevant documentation.
The dispute centers on the oversight of financial products and the responsibility of the AFM in protecting investors. Everts’ criticism raises questions about the effectiveness of the AFM’s supervisory role during his tenure. He was responsible for overseeing Dutch capital markets, accounting firms, and financial reporting of listed companies, as well as the legal department.
Everts’ broader concerns about the financial sector were highlighted in a recent interview with De Telegraaf, where he cautioned against speculative investments in areas like crypto and SPACs, particularly by young investors using student loans or borrowed money. He emphasized the importance of diversification, maintaining savings, and avoiding highly speculative ventures. He also stated that the VEB is prepared to capture action against companies that fail to meet their obligations and harm investors.
In a separate interview, Everts argued that political “illusions” are contributing to a crisis in the Netherlands, hindering the resolution of issues like poverty, housing shortages, and asylum policy. He advocated for an entrepreneurial and investment-focused approach to stimulate economic growth and address these challenges.
The VEB, under Everts’ leadership, has also expressed concerns about the increasing number of people investing, while acknowledging the positive trend, he fears the consequences for those who have not experienced market downturns. The association is prepared to hold companies accountable for damages to investors, particularly during challenging economic times.
