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Saxon court sentenced Clerical Medical to pay restitution

customer, the risk of the loan-life insurance concealed. This now are very good chances recover the money paid.

The British insurer Clerical Medical was already more frequent because of exorbitant returns promised with respect to (reported ProConcept AG) of the offered handle transactions in the criticism. More recently, the Higher Regional Court of Dresden, the company ordered to pay damages, because an agent of a client contract-related Circumstances has concealed. The Clerical Medical had pleaded that they were not the behavior of the agent must take responsibility for - but the judges saw it differently.

risk was
concealed Thus the Saxon court believes that existed in that case, a clear duty to investigate violations. The customer was suggested that the request received in the payment amounts are actually paid - but the insurance conditions were otherwise. The applicant had repeatedly asked for an actual risk - this question has always denied the mediator.

good basis for LV Doctor
The Higher Regional Court of Dresden has approved the revision, so that will most likely speak the Supreme Court judges the final say. ProConcept "Nevertheless, the spoken sentence is a further milestone in consumer protection," said Jens Heidenreich, director of the Doctor LV team the AG. "The positive developments in respect of Clerical Medical gives us and our customers a good chance of success, the recovered successfully in the life insurance money paid plus accrued interest." All the people that life insurance contracts with the British insurance company have completed and satisfied with these contracts are able to log on to the LV-doctor team or Financial Services in their area. Request more information at: www.lv-doktor.com .

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banks serve clients like an assembly line - Study

Bank consultants are groaning under the constant pressure and the delusions of control of their employers. And they seem to have hardly any choice in their work. A current study aims at identifying the problems.

take in many banks to the customer service lines of assembly line work, "concluded the researchers from the University of Oldenburg, the study, commissioned by the union Hans Böckler Foundation. The name is in plain text, standard products are as smooth as possible and are sold in large quantities. This set high targets and computer-based networks, the employees under permanent pressure and customer satisfaction are often perceived only as a key figure among many.
The problem is that banks now control almost all the work in the offices of an IT-based Customer Relationship Management (CRM). But the use of technology had a lot of work procedures specified in detail, the study says.
offer particular information technology is a good base to work with targets and control. IN PRACTICE, some banks before the consultants that every second customer contact should lead to a conclusion or advice no longer may take more than 30 minutes. The number of customer calls are often determined by the middle management. It "could customer satisfaction, from which one might think it was a long time seen the lifeblood of any sales organization to stand back behind the sales targets" would have goals such as, the researchers write.
control example, more than 90 percent of the surveyed banks on their sales and distribution targets. However, it is misleading to speak of this process of "objectives", complain the study authors. The reality has nothing to do. What arrived in the stores, you can candidly describe as a goal dictates. The activities of a consultant would usually once a week check - and the basis of certain indicators such as customer calls, number of calls and sales, meeting deadlines. The quality of the advice, the achievement of good interim solutions and intermediate levels, however, play no role. do
While the employees, the survey, according to the industrialization of the sales work is withdrawn, at least in part, the researchers believe that it initially continued in methods layoffs, short-timed and keep increasing requirements, constant sales pressure will. However, one could in the long run no successful service work of frustrated, kept under continuous pressure and in service to the public in rankings devalued expect employees.
The study surveyed 127 large and popular banks and savings banks. In addition, interviews were conducted on the impact of sales management in sales everyday.
Source: www.cash-online.de

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Federal Bank warns investors against banks

The central bank has many investment products to be too expensive and discourages investors from listening to the buy and sell recommendations by financial institutions. The idea that investors might be improved by skillful stock selection investment success, is an illusion.

The Bundesbank warns private investors from buying expensive products, which banks earn the most money. She recommends investors also depends to switch their securities or fund shares by frequently buying and selling unnecessary. there is for individual investors little reason to believe he could do better than others identify future winners or losers, the central bank warned in its latest monthly report.
buy and sell commissions are important sources of revenue for the financial industry. Analysts operate with their purchase and sell recommendations by the Federal Bank commissioned a bead illusion of investors who could improve it by skillful stock selection investment performance. The Bundesbank also warned against the mistake of many investors in the selection of investment products "the crucial role cost structures to neglect. " It highlights the sometimes high cost of investment funds and even the risks of certificates and recommends cost effective investment in publicly traded investment products that passively reflect a benchmark, known as Exchange Traded Funds (ETFs).

fees eat Income
According to a survey of the private Hamburger consulting company CapQM from the year 2009, the private investors given before the financial crisis a quarter to a third of its market return as fees and commissions to banks, investment companies, life insurers and asset managers. With investments worth 1.9 billion euros in 2007 households have the financial houses around 28 billion euros for the purchase, sale and management of their investments paid.
behind the acquisition costs for life insurance it would cost the administration of investment funds and their initial charge the highest costs. Simply by switching to lower-cost products such as passive index funds and longer holding the selected facilities once they waved according CapQM savings in investment costs of up to 10 billion € per year.
The passively managed exchange-traded index fund investors cost a fraction compared to the actively managed funds. The rule is: "The better known a stock market index, the an ETF replicates, the better the fund, "says Simon Nöth, fund analyst at Morningstar Rating House. A passively managed ETF on the German stock market index such as the cost of less than one tenth of the current charges against an actively managed equity funds for retail investors on average pay a management fee of 1.5 percent.
Even with the sales charges are passive funds is many times cheaper. For active equity fund investors pay subscription fees of up to five percent. ETFs are buying and selling rates, which are separated by a few hundredths to few tenths of a percentage point.

Active management does not pay
"The active management is similar to a zero-sum game, "the Bundesbank, in which the gain of one, the loss of the other. That means that the income of all investors, relative to the passive reference portfolio amounts to zero - and this against the costs generated by active management. After costs, the total return of all active portfolio is thus less than that of the benchmark portfolio.
Passive funds have indeed risen in recent years, but still dominated by public funds for private investors clear the active managed funds. The end of 2010 was the volume with 550 billion euros, around nine times as high as that of the ETFs.
Source: news.onvista.de

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low-interest: concern for the life insurance

Life insurers suffer from the low interest rates. They should therefore increase their reserves and to lower the minimum interest rate for new contracts. Both shows that the state is increasingly concerned about the model of life insurance. Insured can be more public pressure just right higher provisions and lower guaranteed future interest rates increase the chance that they get at the end of the term really does them the promised money. A complete new policy, but is increasingly unattractive.
Interest rates are still down - and that makes the German life insurers increasing problems. According to a report in the Financial Times Germany "urges the Financial Supervisory Authority of the industry, she was to the Provisions for completed in 1995 and 2000 policies increase. Otherwise they could have problems that their customers pay in this time guaranteed returns. Responsible for requirements and provisions, the Federal Treasury, which would change the so-called premium reserve regulation.

Life Insurance: On average, still 3.4 percent interest
insurance contracts that were completed between July 1994 and June 2000, must bear interest of at least four percent annually until the end of their term. In the current interest rate environment, it is difficult to generate such interest. Ten-year government bonds pay about currently under three percent. Insurers still have a cushion of previously purchased securities that give them a year significantly higher interest rates, but this cushion is shrinking because even with regular departures papers - that is, they shall be reimbursed by the federal government and other debtors. The money will then be recreated must bring, on average, only lower interest rates. Three percent rate of return is not enough anyway. Calculated over all contracts, credit life insurance companies have their customers on average at least 3.4 percent.
For the insured has no effect once the first attempt: Your interest rate is guaranteed to pay him, is for the provider - Not for the reserves would have to increase at the expense of their own profits. For shareholders of Alliance & Co. this could indeed be bad news, but, given the known problems - was predictable. So far, probably only a small part of the total affected over 95 million policies. After the year 2000, the guaranteed interest rate of 4.0 percent lowered gradually - in July 2000 to 3.25 percent, 2.75 percent in 2004 and 2007 to 2.25 percent.

guaranteed interest rate is down at 1
July 2011 could drop the guaranteed interest further. The Federal Ministry of Finance puts the pressure, the guaranteed interest rate then screwing down to 1.75 percent. Insurance industry and consumer advocates are biszum 14th January take position on the plans, after the Finance Ministry decides whether the interest rate will be reduced next year. Insurers must guarantee customers a maximum of 60 percent of the average government bond yield over the past ten years. Their average is to get data of rating agency Assekurata at around four percent. So still a guaranteed interest rate of 2.4 percent would be possible. The industry association GDV will therefore also reduce until January 2012 interest rate guarantee, and then only by a quarter percentage point to 2.0 percent.
The dispute over the guaranteed interest rate reflects the two opposing positions: the insurers want to for marketing reasons as much as possible to stay up - "guaranteed 2.25 percent" sells better than just 1.75 percent. The Ministry of Finance is rather safe. Marketing concerns of the industry can have the ministeriales cold. For it is one only that the insurer does not take itself too high promise - and then at the end of the state would have saved wohmöglich.
All such model calculations are based on a certain amount reason for optimism: They insinuate namely, that holds the Euro-zone that major countries do not go broke and survive all the banks about two-thirds of the investments of life insurers are in fact linked in any way with bank risks: banks bonds, direct loans to banks, bank deposits and mortgage bonds.
Against this background, the battle for the guaranteed interest rate ultimately an exhibition game: all those who have a policy, he may ultimately matter. For in the first 1.75 percent would apply only to new contracts and secondly, all insurers now pay considerably more than this guaranteed interest, namely, the guaranteed interest rate plus a voluntary profit sharing plus terminal bonus. The amount depends on what brings out the insurer returns from his investments.
The average interest rate for life insurance, according to industry sources in 2011 was around 4.1 percent. The alliance has reduced the return on their policies just from 4.3 to 4.1 percent, the Debeka lowered from 4.6 to 4.3 percent, Axa Life will hold the sum of the guaranteed interest rate unchanged at four percent and net income, as the old Leipzig (4.1 percent) and the Huk-Coburg-life (4.25 percent). R + V on the other hand decreases from 4.3 to 4.1 percent.
important to know the different sizes of return (guaranteed interest, profit participation and final income) do not refer to the total premiums paid, but the contributions after deduction of costs, risk premium and the commission of the insurer. That are averaged together 20 percent of the contributions of poorly managerial insurance about it.
Source: www.wiwo.de