The EU Commissioner is dropping the commission ban for financial advisors for the time being.
(Photo: Reuters)
Brussels, Frankfurt, Munich The EU Commission has given up its plan to ban commissions for financial advisors for the time being – and has thus drawn fierce criticism from consumer protection groups. “The EU Commission started out as a tiger and ended up as a bedside rug,” said Britta Langenberg, consumer protection expert for the Finanzwende citizens’ movement. “Even before her plans are presented, she gives in to the financial lobby.”
This is bitter news for consumers. “They continue to be sold too many expensive and inefficient products that reduce their retirement provision,” said Langenberg. “Commissions and conflicts of interest remain part of everyday life.”
Niels Nauhauser from the consumer advice center in Baden-Württemberg is also disappointed. “It is unfortunate that the Commission’s considerations of removing the undeniably existing false incentives failed due to political resistance.”
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