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Topic Consumer protectionBaFin examines online advertising and marketing
(BaFinJournal) In an EU-wide mystery shopping exercise regarding the online advertising practices of investment service providers, BaFin’s tests yielded many positive findings – and revealed several shortcomings. By Lora Köstler-Messaoudi, BaFin Communications, in collaboration with Felix Scherger, BaFin Consumer Protection
Topic Consumer protectionConsumer Protection from an EU Perspective
(BaFinJournal) Statement by Verena Ross, Chair of the European Securities and Markets Authority (ESMA)
Topic Consumer protectionSecurities account transfers: the long waiting times are over
In March 2022, BaFin set out rules for financial institutions regarding the length of time for processing securities account transfers. Initial findings from ongoing supervision show that institutions were implementing the requirements for the most part and that consumers were showing higher satisfaction levels. However, a number of weaknesses still need to be resolved.
Topic Consumer protectionBeware of fraud!
High returns, fast money, seemingly harmless e-mails and job offers from BaFin: fraudsters use all sorts of tactics to get their hands on consumers’ money or data. This article offers advice on how you can protect yourself.
Topic Consumer protectionFinancial knowledge – room for improvement
Interest rates, returns, cryptos: particularly among women and older people, there are those who show a need to strengthen their financial knowledge. But there is one topic about which people in Germany are well-informed, as a recent study shows.
Topic Consumer protectionState-of-the-art supervision: mystery shopping
Starting in 2022, BaFin will be conducting mystery shopping in order to have a close look at providers. In a first test run, the supervisors examined the way investment advice was provided at several banks – and unveiled a number of shortcomings.
Topic Consumer protectionStrong consumer protection
The interests of consumers are to play an even greater role in BaFin’s daily supervisory activities. Responsibility for this is held by Director-General Christian Bock, who was also appointed to the position of Investor and Consumer Protection Officer at the beginning of July.
Topic Consumer protectionCommission or fee?
Investment advice is never free of charge. Whether directly or indirectly, the client always pays for it. This article provides a comparison of the two options open to investors.
Topic Consumer protectionBaFin adapts requirements to the crisis
In order to allow companies in the financial sector to focus on their core business during the coronavirus crisis, BaFin has made temporary changes to its supervisory practice in some areas. This article provides an overview of these changes.
Topic Consumer protectionInvalid interest rate adjustment clauses – where do we go from here?
In this article, BaFin highlights the need for banks to inform their customers about invalid interest rate clauses in premium-aided savings agreements and to offer them appropriate solutions. The Dresden Higher Regional Court is expected to set out concrete requirements soon.
Topic Consumer protectionTransferring a securities account – a routine procedure with a catch
Anybody who invests in securities needs a securities account. Because the terms offered by providers differ considerably, there may be a good reason to switch the securities account provider and transfer the securities into a new securities account.
Topic Consumer protectionCrypto tokens remain a risk for consumers
EBA and ESMA advise European legislators to establish clear regulation
Topic Consumer protectionKey information document: Applicability of the PRIIPs Regulation from the beginning of 2018 now certain
On 12 April 2017, the regulatory technical standards for the new key information document (KID) for packaged retail and insurance-based investment products (PRIIPs) were finally published by way of a delegated regulation. These regulatory technical standards contain mathematical and methodological requirements for determining and presenting the core elements of the KID. These include, in …
Topic Consumer protectionFinancial dispute resolution: Elaboration of statutory provisions for dispute resolution entities
The new German Regulation on Financial Dispute Resolution Entities (Finanzschlichtungsstellenverordnung – FinSV) was published in the Federal Law Gazette on 16 September 2016. It governs how private and public dispute resolution entities which deal with disputes relating to banking and investment services are to be organised and what procedures they must follow. For the dispute resolution entities …
Topic Consumer protectionPayment Accounts Act: New rights for consumers - basic payment account, account switching help and fee transparency
From 19 June 2016, all consumers in Germany will have the right to a payment account with basic features – irrespective of their credit status. This is the intention of the new Payment Accounts Act (Zahlungskontengesetz – ZKG (only available in German), see BaFin Journal April 2016 (also only available in German), which has implemented the European Payment Accounts Directive in German law.
Consumer protection: New department established at BaFin
Numerous aspects of consumer protection have already been part of BaFin's range of tasks for years. For example, the market transparency which BaFin monitors is an essential facet of investor protection.
Key information document: PRIIPs Regulation - new, EU-wide standard for production information for consumers
An important component of the new PRIIPs Regulation1 is the introduction of key information documents (KIDs) for certain investment products. The PRIIPs Regulation contains binding provisions on the form and content of these information documents to ensure that they are as standardised as possible.
Topic Consumer protection Retail Investors Protection Act: Improved transparency on the unregulated capital market
Investors have recently suffered considerable losses on capital investments. Although the risks associated with capital investments are described in detail in the relevant prospectuses, many retail investors were not initially aware that high potential returns are also invariably associated with high risks.
Garnishment protection account: Lack of clarity leads to complaints
The Act on Account Garnishment Protection Reform (Gesetz zur Reform des Kontopfändungsschutzes) introduced a new tool, the garnishment protection account (Pfändungsschutzkonto – P account), on 1 July 2010. This markedly improved the situation of debtors affected by bank account garnishments.
Deposit guarantee schemes: New directive aims to improve depositor protection in the EU
The new European Directive on Deposit Guarantee Schemes entered into force on 2 July 2014. It replaces the previous Deposit Guarantee Scheme Directive from 1994 and introduces comprehensive, landmark changes. The member states have until 3 July 2015 to transpose most provisions into national law.
