Topic Consumer protection Function and composition of the Consumer Advisory Council

Consumer Advisory Council

The Consumer Advisory Council is responsible for advising BaFin on issues related to its supervisory duties from a consumer’s perspective. The Consumer Advisory Council collects, analyses and reports to BaFin data relating to current developments in the banking and insurance businesses and in the areas of financial services and financial instruments (“consumer trends”).

The Consumer Advisory Council comprises 12 representatives: three from academia, four from consumer and investor protection organisations, three from extrajudicial dispute resolution schemes, one from the Federal Ministry of Justice and Consumer Protection (Bundesministerium der Justiz und für Verbraucherschutz – BMJV) and one from trade unions.

Members of the Consumer Advisory Council

Members of the Consumer Advisory Council Members of the Consumer Advisory Council (from left to right): Dorothea Mohn, Jella Benner-Heinacher, Stephan Kühnlenz, Prof. Dr Peter Rott, Gabriele Meister, Andrea Heyer, Prof. Dr Petra Buck-Heeb, Dr Peter Frellesen, Prof. Dr Günter Hirsch, Prof. Dr Christoph Brömmelmeyer, Dr Erich Paetz (Maximilian Fuhrmann was absent). (c) BaFin Members of the Consumer Advisory Council

As at: October 2018

Representatives from academia
Prof. Dr Brömmelmeyer, Christoph
Prof. Dr Buck-Heeb, Petra
Prof. Dr Rott, Peter

Representatives of consumer and investor protection organisations
Benner-Heinacher, Jella
Heyer, Andrea
Kühnlenz, Stephan
Mohn, Dorothea (Chairwoman)

Representatives from extrajudicial dispute resolution schemes
Dr Frellesen, Peter
Prof. Dr Hirsch, Günter
Meister, Gabriele

Representative of the Federal Ministry of Justice and Consumer Protection
Dr Paetz, Erich

Representative of trade unions
Fuhrmann, Maximilian

updated on: 22.10.2018

Did you find this article helpful?

We appreciate your feedback

* Mandatory field

Publications on this topic

BaFin plans na­tion­al pro­hi­bi­tion of bi­na­ry op­tions for re­tail clients

The German Federal Financial Supervisory Authority (Bundesanstalt für FinanzdienstleistungsaufsichtBaFin) is planning to prohibit the marketing, distribution and sale of binary options to retail clients at a national level. For this purpose, it has today published the draft version of a general administrative act (only available in German). The German supervisor is thus already preparing for …

Suit­abil­i­ty re­port: An im­por­tant doc­u­ment for con­sumers

Since the beginning of the year, retail clients have been given a statement on suitability, the “suitability report", after receiving investment advice. Banks and financial services institutions are required to issue these reports under the Markets in Financial Instruments Directive II (MiFID II) and the Act implementing it into German law, the Second Act Amending Financial Markets Regulations …

Tap­ing: surveil­lance op­er­a­tion or safe­ty net?

In Germany, recording telephone conversations has been in disrepute for a long time. People associate this with snooping by the secret police in former East Germany or the surveillance exercised by the NSA. And yet, at the end of 2017, German bank clients were informed by their bank that telephone conversations in connection with their securities transactions would have to be recorded in future. …

Cost trans­paren­cy - Costs and charges dis­clo­sure: a pa­per tiger or an im­por­tant step to­wards more clar­i­ty for in­vestors?

It is a well-known fact that higher costs do not necessarily equate to better value. It is therefore important to carefully examine all costs and charges, and this is also true in the case of financial instruments.

In­duce­ments - Ban with an ex­cep­tion: tighter rules for com­mis­sions and oth­er ben­e­fits

Triangular relationships can be complicated. As in everyday life, this also applies to the provision of investment and ancillary services and to the triangular relationship between a client, an investment services enterprise and a third party: an investment services enterprise provides an (ancillary) investment service to its client.

All documents