Having consulted its study into the savings market, ACM publishes the definitive version thereof

The Netherlands Authority for Consumers and Markets (ACM) has published the definitive version of its market study into the functioning of the Dutch savings market, after interested parties had been able to submit their opinions on the market study during the consultation round. On the basis of the opinions received during the consultation of the draft study, several points in the final version have been clarified, expanded, or nuanced. The tenor of the market analysis, the conclusions, and the recommendations remain intact. It is now up to the Dutch legislature to implement the recommendations.

On May 28, 2024, ACM published the draft version of the market study into the functioning of the Dutch savings market. In the study, ACM concludes that a lack of competition between banks is a major cause of the low savings rates for consumers. Following the publication of the draft version of the market study, interested parties had three weeks to submit opinions on the market study. Eight opinions have been received. In Annex 4 of the definitive market study, ACM provides a summary of the opinions per topic. In that context, ACM has indicated, supported with reasons, whether those opinions have resulted in any changes to the market study. In the chapter Recommendations, ACM has implemented three changes to the draft version. The tenor of the recommendations as already set out in the draft version has not changed.

At the bottom of this page, the eight public opinions of interested parties have been published. In this way, ACM wishes to be as transparent as possible in explaining how the definitive version of the market study (including the changes therein) came about.

General market studies

ACM enforces compliance with the competition rules, and has the power to conduct market studies into the functioning of markets and to give the Dutch legislature recommendations on how to improve those markets. As part of this broad market study into the Dutch savings market, ACM has collected information from banks, sector-specific regulators the Dutch Authority for the Financial Markets (AFM) and the Dutch central bank (DNB), as well as other relevant market participants.

ACM currently does not have the power to turn its recommendations into measures aimed at boosting competition on the Dutch savings market. Only the Dutch legislature can do so. In many other countries in Europe, including Germany and the United Kingdom, the national competition authority, in such situations, is able to impose measures aimed at boosting competition, for example measures that help consumers become well-informed and switch banks. With additional powers (known as the New Competition Tool), ACM will be able to take action in markets that are characterized by limited competition without there being an actual violation of the competition rules. ACM has brought this gap to the attention of the Dutch Minister of Economic Affairs (EZ).