Belgian Financial Advisor Fined €40,000 by FSMA

[kreslik.news]

Patrimonia, an insurance broker based in Belgium, was fined €40,000 ($47,700) this Tuesday. The small firm made a settlement with the Financial Services and Markets Authority (FSMA), a Belgian regulator.

In 2015, FSMA informed Patrimonia that its website did not comply with regulation surrounding advertising. The regulator claims Patrimonia, despite being registered as an insurance broker, provided misleading information that did not fit with regulatory provisions relating to insurance and advertising.

The company duly made changes to its website that it thought would be in line withFSMA regulation. In April of 2017, however, the regulator said that ... (read more)