Investment advice from banks and savings banks shows clear shortcomings. This is the result of an investigation by the financial supervisory authority Bafin. In their current publication „Bafin-Journal“ reports the authority of “serious complaints”. For the first time, the supervisory authority examined the institutes’ customer advisory services for three different customer profiles in anonymous test purchases, known as mystery shopping.
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The sample with a total of 36 test purchases was too small to be able to draw representative supervisory conclusions, as it was said. Nevertheless, a first direct and authentic look at the market reality was offered. In particular, important information documents were therefore not handed over. Specifically, it was about the suitability declaration and the cost information of the product – handing this over to the customer is required by law.
“The error rate was noticeable at first glance: In twelve of 36 consultations – that is, in every third – important information documents were not handed over”, Christian Bock, head of the consumer protection department and also Bafin’s consumer protection officer, is quoted in the journal.
Lots of complaints about senior counseling
In five cases the suitability declaration was missing, in four cases no cost information was given. With another three test purchases, both documents would have been missing. All banks tested and all customer profiles had deficits. Half of the complaints arose particularly in the case of the test customer profile “senior citizens”.
“In the older age groups, various individual risks come together, which makes older people a particularly vulnerable customer group. An accumulation of abnormalities was therefore to be feared – and the data confirm that, ”continues Bock.
Consumer advocates are calling for a commission ban again
In view of these results, the Federation of German Consumer Organizations sees its call for a commission ban in investment advice confirmed. “The fact that banks and savings banks violate legal regulations even with simple consumer information is a wake-up call. The prescribed information documents were missing in every third consultation. This shows once again that transparency as a protective shield against bad advice does not work. The VZBV therefore calls for a comprehensive ban on commissions and clear legal requirements for investment recommendations, ”commented VZBV board member Klaus Müller in one Statement.
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