Yesterday 18th of February 2010, the Financial Market Authority (AFM) issued some reports about the information of pension funds towards their customers.
On this page, http://www.afm.nl/marktpartijen/default.ashx?documentid=13254, you find 3 downloadable reports below “zie ook” on the right side.
The first one is about old-age pensions, where consumers are allowed/obliged to make investments decisions. It shows that most insurers and pension funds do not comply with the obligations to inform about risks and to give proper advice which fits in the consumer’s needs and financial position.
The second one is about “the starting letter” that each new participant in a pension fund should receive. It shows that none of the 55 starting letters was totally acceptable.
The third one is about the understandability of this UPO. It shows that a lot of people do not know what it is about (“you can calculate the value of your house with it”, “you can compare pension funds in the Netherlands to each other”). At first glance, they don’t understand it and put it aside. However, when forced to look at it closely, most people are able to answer some knowledge questions.
Also related to these reports is the warning for credit, that is obliged in all commercial outings (including TV- and radio-commercials and internetbanners) : “Watch out: Borrowing money costs money” http://www.afm.nl/marktpartijen/upl_documents/afb_kredietwaarschuwing.pdf
For complex financial products a risk-warning Is obliged in all commercial outings. See this page http://www.afm.nl/marktpartijen/default.ashx?DocumentId=6184
With a version in English! On this page, http://www.afm.nl/marktpartijen/default.ashx?DocumentId=8862 you can download them in all languages of the EC. Note, this is a very large file.