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Banks Fall Stock Market

Friday, November 21st, 2014

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Failure to provide investment advice the uncertainty among customers given the coming to light flaws at the banks is increasing. A detailed consultation should this remedy and build customer confidence. A study carried out by financial test with regard to the quality of such investment advice but now came to terrifying results. The finance portal geld.de reported about the miserable performance of financial institutions. The actual investment advice was given a significant skandaloseren discovery in the background.

In the course of the test came to light that a number of banks in the investment advice violated applicable laws. The banks are already obliged first to find out about the financial and personal circumstances of the customer, as well as to question the targets desired with the investment before the recommendation of appropriate investments. Many financial institutions not met this commitment. Also was to create the legal since 2010 prescribed investment consultation record and handing the customer, failing in many cases, If mentioned in the consultation paper. More than half of the tested banks did not meet this obligation, even though it would have required the successful consultations. Although the actual investment advice when compared to the test took place a year ago has improved the customer wishes in the offered investments were not observed in some cases. Instead of capital protection provided for the test, partly to risky assets were offered the customers. Altogether the tested banks concluded very poorly, despite the improvement promised after the last test. More information: presse.html GELD.