NETHERLANDS - The Dutch civil servants' pension fund ABP, recently fined for ‘illegally' promoting its Loyalis subsidiary, has come under renewed scrutiny, according to the regulator, De Nederlandsche Bank (DNB).
Both the €209bn fund and the €77bn healthcare fund PGGM last Friday contested the €1.3m fine the DNB imposed last year for promoting so called early retirement ‘levensloop' products via their respective subsidiaries Loyalis and Careon.
DNB lawyer Cécile Bitter was reported as saying during Friday's hearing that ABP did not seem impressed by the fine and that the regulator has started a follow-up investigation. PGGM will not be reviewed again.
A DNB spokesman confirmed that "an additional investigation" has been launched, though he said he could not comment further due to the regulator's obligation to maintain secrecy.
According to ABP spokesman Hans ten Brinken however, it is business as usual: "After the hearing on Friday we immediately verified with the DNB and they indicated that the term ‘investigation' is perhaps somewhat too heavy."
Ten Brinken told IPE that ABP has merely agreed with the DNB to periodically discuss changes and their information activities with the watchdog following last year's fine.
It is unclear why only ABP has been approached by the DNB and not PGGM.