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BaFin will charge less for banking advice

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The poor test results of German banks have the financial BaFin launched onto the scene. Stiftung Warentest had assessed 16 of 21 banks with a grade of "satisfactory" in terms of customer service.

Berlin — The damning verdict of the Stiftung Warentest on the quality of Bank advice in Germany now including the top financial BaFin. "We take the evaluation very seriously and will investigate the allegation," said a spokeswoman for BaFin, the daily newspaper "Die Welt" (Thursday). From 21 institutions surveyed had not a single well-preserved the note, two banks were given a defective, 16, a sufficient.

According to the consumer magazine "financial test" has tested many of the banks in violation of the Securities Act. For example, more than half of the money houses the financial status and the knowledge of the client had not queried, then the tester. The identification of the customer’s status is in Clause 31 of the Securities Act precisely defined.

The consequences of a breach can by BaFin-rich information from a warning to the dismissal of the manager. The test was based on 147 counseling sessions with seven major banks, nine savings banks and five credit unions.