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Search results 1 to 20 from a total of 27 for search item " "
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Topic Consumer protectionYoung adults often inexperienced with loans
(BaFinJournal) An 18th birthday unlocks many doors previously closed to young people. Those with an independent source of income are now allowed to take out a loan. Young adults show keen interest in loans, but they are often unaware of the costs involved. By Dr Daniela Röstel and Ursula Weigold, BaFin Consumer Protection
Topic Consumer protectionMystery shopping – BaFin tests consumer loans
(BaFinJournal) Whether furniture, electronic devices or clothing – many consumers are buying on credit. How difficult is it for them to obtain such financing? In its fifth mystery shopping campaign, BaFin sought answers to this and other questions. By Ulrich Quaas, BaFin Communications, in collaboration with Matthias Heinze, BaFin Consumer Protection
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 protectionLife insurers: when interest rates rise
Life insurers have proven resilient even in periods of low interest rates. Now they are benefiting from increasing rates. As a result, BaFin is shifting its perspective: the focus now is on the risks arising from rising interest rates.
Topic Consumer protectionOnline distribution: homework for insurers
To what extent do insurers make use of digital distribution channels? Has the coronavirus pandemic accelerated digitalisation? A recent market survey conducted by BaFin provides answers to these questions, and also shows where insurers are failing to comply with the statutory requirements when distributing insurance products online.
Topic Consumer protectionFaster securities account transfers: consumers benefit from supervisory requirements
Exactly one year ago, BaFin for the first time set out rules regarding the length of time banks are allowed to take to process securities account transfers. Are institutions adhering to these rules? A recent survey has shown that consumers are benefiting from the new rules. And there are advantages for institutions too: they are receiving fewer complaints.
Topic Consumer protectionWhen insurers do not pay on time
Insurance payouts sometimes take a long time to arrive. This can be a nuisance for customers – and it is often associated with financial disadvantages. BaFin investigates such cases, but consumers can take action, too.
Topic Consumer protectionConsumer Protection from an EU Perspective
(BaFinJournal) Statement by Verena Ross, Chair of the European Securities and Markets Authority (ESMA)
Topic Consumer protectionPRIIPs Regulation: how insurers inform consumers
Key information documents are aimed at helping consumers compare insurance-based investment products. Do these documents comply with the applicable provisions and are they easy to find on insurers’ websites? BaFin conducted an online analysis to find out.
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 protectionProduct information documents for contents insurance and legal expenses insurance
A market study conducted by BaFin has shown that most providers of contents insurance and legal expenses insurance comply with the legal requirements for product information documents. However, the study also identified some 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 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 protectionInsurers’ conduct of business
Insurers’ decisions during product development and in interactions with customers show whether they are able to safeguard their customers’ interests and, in doing so, their own.
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 protectionBreach of pre-contractual disclosure obligations in private health insurance: consequences and how to avoid them
Breaching pre-contractual disclosure obligations is just about the worst thing privately health-insured persons can do. This type of breach is insidious since its consequences can arise unexpectedly, years after the contract was concluded, and can seriously affect the contractual relationship. Its legal consequences are drastic – if the worst comes to the worst, the insured loses coverage and the …
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 …
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.
