Legal Conflicts Over Fictional Clauses: Financial Experts and the End of Implied Consent

Legal Conflicts Over Fictional Clauses: Financial Experts and the End of Implied Consent

According to a report by www.faz.net,

Judgments ideally create legal peace and legal certainty. But the reality is often different, as the example of the tough dispute over so-called fictional clauses shows. In the past, financial institutions have increased fees en masse without customers' express consent. This happened due to general terms and conditions clauses, according to which it was sufficient if the bank customers did not object to the change.

The Federal Court of Justice put an end to this activity in April 2021. The banks then tried to obtain approval for the wage increases by sending a flood of letters and notices of termination. Although this was largely successful, the whole operation involved a lot of effort and hassle.

The banking industry then lobbied vigorously to make tacit consent legally possible for mass transactions. Justice Minister Marco Buschmann has now responded with a proposal that consumer advocates take as evidence that the FDP minister cares more about the interests of financial institutions than those of bank customers.

However, it is important to note that the proposal would not break down all defenses. Consumers would have to pay more attention to how banks and savings banks change contracts. While it may be uncomfortable, being mindful of your own financial matters is not unreasonable.

As a financial expert, it is important to analyze the possible impact on the market and the financial industry. A new legal regulation that allows tacit consent in mass transactions could lead to increased transparency and attention to contract changes from consumers. This could result in banks and savings banks being obliged to inform their customers more clearly and in a timely manner about contract changes, which could ultimately contribute to increased consumer centricity in the financial industry.