Bloomberg News

Germany’s Bafin Starts Advisory Board for Consumer Protection

June 20, 2013

German financial regulator Bafin established a committee to safeguard the rights of private investors, advancing its push to boost transparency and curtail financial markets.

The body, composed of consumer and investor protection groups, arbitration groups, labor unions, scientists and Germany’s consumer ministry, will advise Bafin from a consumer perspective, the Bonn-based regulator said in an e-mailed statement today.

The move follows the introduction of financial regulation reforms in October empowering Bafin to defend private investors and make financial advisers and institutions more accountable. Finance Minister Wolfgang Schaeublehas taken steps, including short-selling restrictions, to tighten controls on the capital markets after bailing out banks in the aftermath of the financial crisis.

“It’s good that we have reliable and efficient financial markets, but it’s just as important that these operate with clear rules and frameworks,” Schaeuble said in the statement. “Without these, they would destroy themselves, and without constant monitoring and controls, the risk arises that the citizen, as a private investor or borrower, would become a victim of non-sustainable business models.”

To contact the reporter on this story: Stefan Riecher in Frankfurt at sriecher@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


Race, Class, and the Future of Ferguson
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus