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.

updated on: 13.06.2018

Did you find this article helpful?

We appreciate your feedback

* Mandatory field

Publications on this topic

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.

Spec­u­la­tive prod­ucts: ES­MA agrees prod­uct in­ter­ven­tion mea­sures

The European Securities and Markets Authority (ESMA) has agreed product intervention measures on binary options and on the provision of contracts for differences (CFDs).

Ini­tial coin of­fer­ings: BaFin pub­lish­es ad­vi­so­ry let­ter on the clas­si­fi­ca­tion of to­kens as fi­nan­cial in­stru­ments

For some time now, BaFin has been receiving an increasing number of queries enquiring whether tokens and virtual currencies (referred to as ”tokens“) marketed to investors in initial coin offerings (ICOs) are considered to be financial instruments. BaFin has now published an advisory letter in which it states its position on the regulatory classification of tokens in the field of securities …

All documents