Money BaFin wants to protect consumers on financial market better

19:30  22 november  2022
19:30  22 november  2022 Source:   finanzen.net

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The financial supervision BaFin wants to better protect consumers from excesses on the financial market. "Because it is more courageous, innovative and, if necessary, even more biting for the interests of the totality of consumers," explained Thorsten Pötzsch, who heads the security supervision area at BaFin, on Tuesday at the presentation of the new consumer protection strategy of the authority .

Das Logo der Bafin (Bundesanstalt für Finanzdienstleistungsaufsicht): Die Finanzaufsicht will Verbraucher besser schützen. © Boris Roessler/dpa The Logo of the BaFin (Federal Financial Service Supervisory Authority): The financial supervision wants to better protect consumers. In this,

Bafin takes care of expanding its market observation in order to “recognize relevant topics earlier”. In addition to complaints from customers of banks, insurers and securities service providers, insights from test purchases should also be incorporated there. During the so -called mystery shopping, trained buyers appear as consumers to get advice.

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wants to sharpen the supervision of the observation of digital business and sales models. "Bafin will further strengthen its understanding of this and in particular on the use of algorithms and artificial intelligence," says the strategy.

consequence from Wirecard scandal

In addition, Bafin wants to strengthen financial competence. «Bafin has started to modernize and improve its information channels in order to achieve more consumers and to specifically address consumer groups in need of protection. This includes the expansion of the performance on social media, »explained the authority. Overall, the financial supervision made it clear: "Bafin uses its supervisory instruments consistently, innovatively and courageously to determine facts and to dismiss the grievances."

The reorganization of the Bafin is a consequence of the Wirecard scandal. The financial supervision had been accused of not noticing the financial service provider's billion -dollar fraud. The then Bafin President Felix Hufeld was subsequently replaced by Mark Branson, formerly head of the Swiss financial supervision Finma.

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