The Netherlands Authority for Consumers and Markets (ACM) has launched a broad market study into the functioning of the Dutch savings market. Consumers that put money aside benefit from savings account rates that are as high as possible. Sufficient competition between banks will have an upward effect on those rates. ACM expects to publish the results before the summer of 2024.
Background
The Dutch Ministry of Finance has asked ACM to see if there is reason for launching a study into the savings market and into the savings account rates in the Netherlands, which are lagging behind the interest rates of the European Central Bank (ECB). ACM does see sufficient reason for such a study, and has now decided to launch one.
Why is ACM looking into this market?
There are indications that Dutch consumers only benefit to a limited extent from the increased interest rates on the European market. ACM sees that there are providers (including international ones) that, at first glance, offer Dutch savers higher rates than the major banks in the Netherlands do. However, consumers appear to switch to these banks only to a limited extent. That is why ACM has decided to launch a study into the functioning of the Dutch savings market and into the factors behind the fact that consumers rarely switch and that the major banks do not offer higher savings account rates.
ACM has launched a broad market study into the functioning of the savings market and into the effectiveness of competition thereon. This may result in recommendations to the Dutch legislature, for example if it turns out that the market is not functioning well.
Oversight of the financial sector
ACM enforces compliance with the competition rules, and also has the power to conduct market studies into the functioning of markets. As part of this broad market study into the Dutch savings market, ACM will also gather information from the sector-specific regulators the Dutch Authority for the Financial Markets (AFM) and the Dutch central bank (DNB), among other relevant market participants.
See also
ACM’s oversight of the financial sector (in Dutch)

Dutch Authority Initiates Study on Savings Market Competition

The Netherlands Authority for Consumers and Markets (ACM) has launched a broad market study into the functioning of the Dutch savings market, responding to concerns raised by the Dutch Ministry of Finance regarding the lagging savings account rates compared to the European Central Bank's interest rates.

 ACM's investigation aims to determine whether sufficient competition exists among banks to drive up savings account rates, which are currently not benefiting consumers as much as they could. The authority has noted that while some providers, including international banks, offer higher rates, Dutch consumers are not switching banks as frequently as expected.

 The study will explore the reasons behind the limited consumer switching behavior and the lack of competitive pressure on major banks to increase their savings account rates. ACM plans to gather insights from various stakeholders, including sector-specific regulators like the Dutch Authority for the Financial Markets (AFM) and the Dutch central bank (DNB).

 Results from this market study are anticipated to be published before the summer of 2024, and may lead to recommendations for legislative changes if the findings indicate that the market is not functioning effectively.



ACM launches market study into the functioning of the Dutch savings market

Online store TI-84shop must refund the money of consumers within 14 days if they invoke their right of withdrawal (cooling-off period). The online store must also clearly state delivery times, and must improve its customer service so that it can be reached more easily. The Netherlands Authority for Consumers and Markets (ACM) has imposed these demands on online store TI-84shop, about which ACM had received a large number of complaints through ACM’s consumer information portal ConsuWijzer and other channels.
What was this case about?
Online store TI-84shop sells a variety of electronic consumer products, such as the PlayStation 5 game console. Consumers filed complaints with ACM, claiming that TI-84shop was not clear about delivery times, did not refund money on time, and could not be reached. In addition, consumers were given a misleading impression of TI-84shop on the basis of too high review scores. The online store blocked negative reviews on independent review websites, so that only positive reviews could be read. Consumers have the right to honest information before making a purchase decision. In that way, they know what to expect, financial damage is prevented, and they continue to have confidence in making online purchases.
After an investigation, ACM established that TI-84shop hardly maintained an administrative system, which meant there was no proper overview of orders, deliveries, and refunds. That, in turn, resulted in the online store’s failure to meet the delivery times shown on its website, and to refund consumers who have canceled their purchases on time. In addition, TI-84shop’s customers have a hard time reaching its customer service.
Cateautje Hijmans van den Bergh, Member of the Board of ACM, says: “Starting an online store looks simple, but it involves so much more than just setting up a website. You need to take your customers seriously. That means that you inform them about matters such as delivery times and the cooling-off period, and that you comply with the rules on refunds. But it also means that your administrative system is in order, and that you can be reached for questions and complaints from your customers. These are the basic rules that online stores must comply with, so that consumers are able to shop online with confidence. Since TI-84shop does not comply with these rules, we are now compelling TI-84shop to make adjustments.
What adjustments must TI-84shop implement?
ACM demands TI-84shop to implement the following adjustments:
The online store must maintain a proper administrative system;
The actual delivery times of products must be presented and met;
If consumers cancel their purchases within the cooling-off period, they must get their money back within 14 days;
If consumers use any of the contact options that TI-84shop offers, they must actually be able to reach the online store; -The online store must stop exerting influence over reviews.
If the online store fails to comply with ACM’s demands sufficiently (or fails to comply at all) by 7 November 2023, it must pay a periodic penalty payment of 25,000 euros each week up to a maximum of 250,000 euros.
Protecting the online consumer
The digital economy is one of the key priorities on ACM’s agenda in 2023. It is important that consumers are able to make purchases online with confidence.
See also
ACM launches awareness campaign on safe online shopping: ‘Check before you buy’
Guidelines on the protection of the online consumer

Dutch Authority Enforces Consumer Rights on TI-84shop

The Netherlands Authority for Consumers and Markets (ACM) has taken action against online store TI-84shop, requiring it to adhere to consumer protection laws regarding refunds and delivery times. This decision comes after ACM received a significant number of complaints from consumers about the store's practices.

Consumers reported that TI-84shop was not transparent about delivery times, failed to issue timely refunds, and had inadequate customer service. Additionally, the store was accused of manipulating its online reputation by blocking negative reviews, which misled potential buyers about the quality of its services.

ACM's investigation revealed that TI-84shop lacked a proper administrative system, leading to disorganization in managing orders, deliveries, and refunds. As a result, the store was unable to meet the delivery timelines advertised on its website and did not refund customers who canceled their orders within the legally mandated cooling-off period.

To rectify these issues, ACM has outlined specific requirements for TI-84shop, including the establishment of a reliable administrative system, accurate presentation of delivery times, timely refunds within 14 days for canceled purchases, and improved accessibility of customer service. Furthermore, the store must cease any practices that influence customer reviews.

If TI-84shop fails to comply with these demands by November 7, 2023, it will face a weekly penalty of 25,000 euros, up to a maximum of 250,000 euros. This enforcement action underscores ACM's commitment to ensuring consumer protection in the digital marketplace.

