The government moves away from previous targets of investor protection. The coalition is in the regulation of the financial industry at odds, but in January the new law should stand. The gray capital market proliferates further, however.
The Wild West begins right behind Frankfurt: with unsustainable promises to make "Carpe Diem" Blessed city to investors approached. "We'll show you how the German savers can swim against the tide, and that any risk is not in truth but his only chance," sounds boss Daniel Shahin. He works "in the field of bancassurance," with supposedly 1000 representatives. Which he draws with "35 000 euro in just eight weeks - and the week at a cost of only 6-10 hours.
Unlike the Frankfurt banks Shahin sees no supervision and no ministry to the finger. The provider is on the loose, like thousands of others, gray on the capital market: Who sells corporate holdings of closed-end fund is not regulated by law, though, investors stop here for years in real estate or film projects. By a new investor protection legislation Shahin's team would not be thwarted in the future.
sell risky products to be more difficult
The Law Consumer Protection Minister Ilse Aigner responded (CSU) to the massive losses suffered ill-advised investors in the financial crisis, such as with certificates of Lehman Brothers. Closed-end funds are also agents repeatedly in court, for example, the Commerzbank for the VIP Media Funds or sale AWD at Falk-Real Estate Fund.
Aigner in 2009 started with a furious set of requirements for investor protection: By law, it will be difficult commission-hungry advisers, investors to sell risky products. Interviews will be recorded, also wants the minister for financial products leaflet showing their risks and costs. Also an appropriate professional qualification all consultants is on their wish list.
duty was now only a point: Since 1 January, banks have to their customers after consultations with a log home. Finance Minister Wolfgang Schäuble, who is responsible for trading and banking supervision, has brought the draft of the Investor Protection Act on the way and shot many of Aigner-proposals. Minister Rainer Brüderle (FDP) continued successfully for some 80 000 independent agents who sell Fund - unattended and only approved by the Municipal Labour Inspectorate. He prevailed with the demand, closed-end funds do not qualify as financial instruments that fall under the Banking Act. He can be free agents their playground. The division in the advisor market, it is only in Germany, would cement: This strictly regulated bank advisers and financial institutions affiliated agents, brokers there, only with an apparent trade-are allowed to sell funds.
was the meaning of the inventor is not: "The consumer has a right to an informed and proper advice, and quite indifferent to whether a security at a bank, an annuity with an insurance broker or a fund investment in an independent financial intermediary or a pyramid selling purchases, "said Aigner WirtschaftsWoche. She insists on the coalition agreement, common in the Union and FDP Requirements for consultants and brokers agreed. To 21 January, they need to resolve their dispute, then the law is through the Bundestag.
it comes just as now presented, investors should inform themselves about the future more accurately, her adviser has the qualification, which liability is and what duty of disclosure.
The banks making the case for uniform rules - strict regulation of free agents this competition would force out of business. Even when the gray capital market would remain unscathed, but could be used by the back door selection process: as barrier to free agents is the bill that they have a kind of professional liability insurance would have to conclude that adheres to a false consultation for the damage. Similar to a health examination in health insurers would then weed out unqualified consultants - or those, which are counted by lawsuits from investors. Such data are already available. The intermediary file of the party registered about AVAD, canceled many contracts in which insurance agents.
insurance consultant from seventh to
bargaining chip in the political poker game for investor protection is the proposal to set up for all 300 000 Bank consultant a file to the Financial Supervisory Authority. As in a class book there could be errors noted, and advice at Repetition prohibitions are imposed. But as is often the targets bankers consultants required to sell risky products meets the file false. Investors to bring anything because the BaFin could not see inside them. And just the gray mediator would not be on the list, not to "Carpe Diem".
A ray of hope, after all, the new statute of limitations in the draft law on damages claim barred because of incorrect advice not to three, but only ten years after the contract.
Source: Heike Schwerdtfeger (Frankfurt)
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