Consumer advice centers are calling for reform of BaFin in collective consumer protection

Consumer advice centers are calling for reform of BaFin in collective consumer protection

According to a report from www.boersen-zeitung.de, the consumer advice centers are calling for the financial supervision BaFin to be strengthened in the area of ​​collective consumer protection. The Federal Association of Consumer Organizations (VZBV) has presented concrete proposals for reform and would like to build up political pressure. The coalition agreement of the traffic light parties also provides for a strengthening of the consumer advisory board and an identification of regulatory gaps in the gray capital market. However, BaFin has reservations about a fundamental reform and emphasizes its existing activities in the area of ​​consumer protection. The consumer advice centers argue that they have reached their limits when there are grievances on the financial market and that BaFin should intervene in such cases.

The possible effects of strengthening BaFin in consumer protection could be:
– Consumers could be better protected against legal violations by providers
– Providers could be required to refund unlawful fees to consumers
– Closer integration between BaFin and consumer advice centers could lead to better cooperation and coordination in legal enforcement
– An official BaFin comparison website could compete with commercial portals and offer consumers independent data and an objective basis when choosing a checking account

However, it remains to be seen whether and to what extent BaFin's consumer protection reform will actually be implemented. BaFin refers to the ongoing legal procedure and the regulations that will provide specific requirements for the planned comparison website. Complete implementation of the consumer advice centers' demands could therefore take some time.

Source:
According to a report by www.boersen-zeitung.de