As of 1 January 2014 the professional competence section of the Financial Supervision Act [Wet financieel toezicht (Wft)] became subject to new rules. Everyone seeking to qualify for one or more professional specialisations in the financial services sector, has to meet these comprehensive professional competence requirements.
As a result the Wft and Permanent Education (PE) largely decide the agenda of brokers and insurers. That’s why the subject is also on the VNAB agenda.
Permanent Education (PE)
As of 1 January 2014 customer service employees are required to have up-to-date knowledge of their field. As this requirement is a non-defined standard, companies are free to decide how they keep their staff permanently up-to-date. The AFM outline stipulates that the objective of the relevant policy of a company must be that:
- the customer service employee is permanently informed of the latest developments, and
- the customer service employee is able to apply the latest developments.
The implementation of the non-defined standard must at least meet these criteria. How the AFM checks whether customer service employees are kept permanently up-to-date is set out on the AFM website.