Banks and insurance companies still have a long way to go in putting their clients’ interests first, the Financieele Dagblad quotes the financial services regulator AFM as saying.

The organisation hoped financial service providers would have made more progress by now but nevertheless gives the sector 3.5 points out of five for its performance in 2013.

Client interests should not only be central in internal processes but also in decision-making. ‘We had hoped they would be further along when it comes to specific areas but we have to be realistic. This is a long process,’ spokesman Ruud de Hollander said.

In terms of investment-based savings policies, for example, banks should contact clients directly by phone, De Hollander said: ‘Don’t write a letter, but ring them until you have made contact.’