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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 protection“Consumer complaints are important indicators for us”
Whether it was about banks, insurers or investment firms: consumers complained to BaFin much more often in 2023 than in 2022. Christian Bock, BaFin’s Director-General for Consumer Protection, explains why this is the case.
Topic Sustainability, Consumer protectionEU Green Bond Standard: stringent requirements bring greater clarity
The EU plans to make green investments easier: the EU Green Bond Standard establishes clarity and comparability for sustainable bonds across Europe. Providers of these products must meet a number of requirements starting on 21 December 2024.
Topic Consumer protectionDigital financial services: popular, but not without risks
An analysis by BaFin shows that most people are careful when navigating the digital realm. Just a brief moment of carelessness or a knowledge gap can lead to problems, though.
Topic Consumer protection, Investment fundsIndirect investments in special funds: BaFin has investor protection concerns about product designs that circumvent requirements
Many financial services providers are advertising opportunities to “invest like a professional”. Consumers can supposedly do this by investing indirectly in special funds referred to as special AIFs (Spezial-AIF). BaFin is keeping a close eye on these offers. If the risks are too great, BaFin is able to intervene and, in extreme cases, even ban products.
Topic Consumer protectionMystery shopping: BaFin tests investment advice
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) again sent out test buyers to investment services institutions – an undercover campaign aimed at inspecting these institutions’ practices in providing investment advice. Some results were good, but a number of the shortcomings identified were significant. Irregularities were found particularly in …
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 protection“Strengthening financial knowledge at the point of sale”
The German government has introduced an initiative to promote financial education. BaFin’s Consumer Protection Officer, Christian Bock, explains why the topic of financial literacy matters and what the initiative involves.
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 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 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 protectionSurfing on behalf of consumers
Do banks and insurers provide information about alternative dispute resolution mechanisms on their websites and in their small print? BaFin investigated the situation.
Topic Consumer protectionHow sustainable is Germany's insurance industry?
A BaFin survey on sustainability in the insurance industry shows that while things are on the right track, there is still a long way to go.
