Erscheinung:17.06.2025 Investment certificates: BaFin publishes results of comprehensive market study
BaFin recently published the results of its market survey regarding interest rate certificates (Zins-Zertifikate) and express certificates (Express-Zertifikate). The study did not identify any systematic or serious deficiencies in the production and sale of the investment certificates concerned. However, there were shortcomings at some institutions.
Deficiencies were identified in some institutions’ product governance in relation to interest rate certificates and express certificates. The study also found that banks and savings banks did not consistently disclose margins in the cost information. BaFin is in communication with the institutions concerned.
The market survey also revealed that nearly half of the consumers queried had difficulties understanding the explanations on interest rate certificates and express certificates when receiving investment advice. Moreover, some customers did not fully understand how express certificates work or the risks involved. Nevertheless, many customers stated that they were satisfied with the investment advice they received as well as the product recommendations and expressed a high level of trust in their advisors.
Banks must prove themselves worthy of this trust
BaFin will seek to ensure that banks and savings banks do not take advantage of this relationship of trust when selling financial products. It is not just customers who face risks here, the reputation of the institutions and of the financial sector itself is also at stake.
BaFin has expanded the section of its website providing consumer information on express certificates as well as fixed and step-up interest rate certificates.
BaFin carried out its five-stage survey from May 2024 to February 2025.
