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The German consumer association, Stiftung Warentest/Finanztest, published this week its survey results based on 147 sales consultations in 21 banks. As a reaction, German banking supervisor BAFIN as well as the Federal Ministry for Consumer Protection are looking into the matter. The tests showed that often not even the legal requirements are met by the bank employees. 16 banks were graded D and 2 even "poor".



“The survey confirm the assessment of UNI Finance and trade unions,” said Oliver Roethig, Head of Uni Finance. “It must be clear however that ordinary bank employees have been put in a situation where they actually could not act in the best interest of their customers. As a trade union survey of bank workers shows: if they have the choice, they put the interest of their clients above that of their employers. Yet, they don’t have that option. Sales targets strangle their scope to give good advice.”



“UNI Finance welcomes the investigation by the German supervisors. We have been demanding that supervisors everywhere should look into the bad advice practices linked to unacceptable working conditions, such as irrealistic sales targets. It is not only a matter of advice, but financial stability.”



UNI Finance launched a global campaign on sales versus advice last week building on the activities of its affiliates worldwide. One key aspect is developing a charter on responsible sales of financial products together with other stakeholders.



Test results: http://www.test.de/themen/geldanlage-banken/test/-Anlageberatung-von-Banken/1829939/1829939/1831738/