From January 2010, new rules for investment advice
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The new year brings not only an increase in gas prices for many consumers, but also an important new rules for advising on investments.
“New rules on investment advice
From next year to all credit institutions in accordance with § 34 paragraph 2 a securities law are obliged to issue a consultation protocol. From 1 January 2010 shall, therefore, each client to an investment advice from his bank a protocol that will serve as a reminder to both sides. The Protocol will be held including the reason for the advice, the personal situation of the customer, their needs and those expressed by the Bank’s recommendations. Thus, for even in hindsight to determine is whether the investment recommendations meet the investment objectives of the bank’s customers.
Excluded from the protocol are mandatory consultations for products not covered under the Securities Trading Act. These include, for example, daily or Time deposits. A customer can buy securities without having to consult before, is also no protocol is necessary. Bank customers should read the counseling records in their own interest and critical stance. If the content of the consultation does not play well, you can and should ask the consultant to correct the documents accordingly.
In a telephone consultation, the customer then be sent to the protocol. Does he want to buy directly related to the advice and securities, grants him the right to withdraw a bank in the event that the protocol is then sent advice inaccurate, incomplete or inaccurate. Then, the investor may, within a week after he received the protocol, withdraw from the purchase of securities.
Who more information on the new rule seeks to provide investment advice displayed on the website of the Federal Association of German Banks answered the important questions. “
