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Data Protection Declaration
Imprint
Financial intermediaries - more protection for consumers?
Project
Project code: 2806HS027
Contract period: 21.06.2007
- 20.03.2008
Budget: 95,326 Euro
Purpose of research: Applied research
The growing complexity of financial products for consumers to understand by itself usually not readily available. Consumers are therefore dependent particularly on the expert advice of suitably qualified and trusted financial adviser. Financial intermediaries iS of the research assignment are here, besides the insurance agents in particular, the mediator of investments (eg mutual funds, private equity) and credit intermediaries.
PERS currently exist for financial intermediaries in Germany - in contrast to other EU countries - not a relevant statutory requirements. Recommendations of various professional associations, and internal policies of the major exchange companies arising, if any, vary greatly. These range from comparatively sophisticated training programs (several months of training) to a few weekend courses. While guaranteed in traditional professions (eg hairdressers) high educational standards, this is not so for financial intermediaries, although the risk of substantial financial loss to the consumer through false advice.
End of December 2006 were established with the Law Amending the right insurance broker legal standards for a portion of the financial intermediary sector (Federal Law Gazette 2006 I, p 3232). This European Directive 2002/92/EC on insurance mediation is implemented into German law. The Act will come into force at the 22:05:07. The regulations specifically apply only to the procurement of insurance. For agents of other financial services (loans, mutual funds, private equity and other investments) hereby changes nothing. Innovations in this area may result from the implementation of the EU Directive on Markets in Financial Instruments Directive (MiFID). A consistent approach to the law of financial intermediaries at national and European level, but not in sight. The following items are to be processed scientifically:
First Identification of existing practice in the various training and consulting standards of financial intermediaries in Germany. For comparison, the corresponding standards in the UK and two to make further appropriate EU states over. Suitable comparison States, whose financial services markets, a similar structure to exhibit in Germany.
Second Presentation and evaluation of legislative measures to establish a common commercial and contract law standards for all financial intermediaries in Germany and it is necessary to explain to what extent the requirements of the European secondary legislation to allow such schemes nationally at all.
Third Presentation and evaluation of non-legislative measures to establish quality standards for financial intermediaries (such as commitment of the professional associations, Seal).
Section overview
Subjects
- Business administration
- Communication Sciences
