With a new leaflet, the financial regulator Bafin wants to put a stop to excessive costs.
(Photo: dpa)
Frankfurt For the time being, the EU Commission will probably not enforce a general ban on commissions in financial sales as part of its new retail investor strategy. In the case of life insurance, the German financial regulator Bafin is now concentrating on finding outliers with high costs and examining them more closely.
For Professor Hermann Weinmann from the Institute for Finance at the Ludwigshafen University of Applied Sciences, the efforts of the supervisors and politicians do not go far enough. From his point of view, the deregulation of the German insurance market is “one of the biggest political misjudgments in terms of competition”.
Weinmann regularly examines the balance sheet figures of German life insurers and criticizes the high costs of some providers. In a current analysis, which will appear in the “Zeitschrift für Versicherungswesen” on Monday and is available to the Handelsblatt in advance, he advocates comprehensive product and cost regulation that sets the rules in advance. The cost problem cannot be contained simply by informing the consumer or by having the supervisory authority check it.
Against a commission ban
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