International Conference for Financial Services

Transparency – a step backwards or a reform?

• Date: 23st and 23nd May 2019
• Venue: Rudolf Steiner Haus, Mittelweg 11-12, 2019 Hamburg
• Contact: Melanie Poldrack +49 40 309691 23, melanie.poldrack@iff-hamburg.de.
• Programm 2019 ENG and Registration form
• Co-organizers: Consumer Agencies Baden-Württemberg, Bremen, Hamburg, Hessen, North Rhine – Westphalia, Saarland, Saxony and the Federation of German Consumer Organisations (vzbv), InkassoWatch, Prevention Network Financial Literacy, AG SBV, German Association of the Insured (BdV)
• Organisation of workshops for laywers: Dr. Olaf Methner (Baum, Reiter & Collegen).

 The complexity of financial products is continuously increasing, making it more and more important to clarify information to consumers. Websites like comparison portals, robo advisor and information portals do not really facilitate life. Without further notice it remains difficult to assess the objectivity of the decision made, to understand the decision-making procedure and to evaluate the neutrality of recommendations. Convenience of application has to be extended by properly communicating the risks of the specific product taking the characteristics of the addressee into account. Furthermore current regulatory provisions are triggering a large information overflow overburdening consumers. Should suppliers be held responsible for those risks which they consider as essential for their customers? Has a standardized framework for risks inherent in a multiplicity of different financial products been doomed to failure from the very beginning? Is there a need for some active supervision also testing the sale of products?