Banks and Consumers

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BANKS AND CONSUMERS which the recommendation was reached even at a later date. The core competencies of the private commercial banks go beyond product development and investment advice. They also ensure that transactions are processed and securities account services are provided promptly and reliably. The large market share of the private commercial banks in the safe custody of shares, investment certificates and fixed-interest securities bears witness to their long-standing competitive edge in securities investment. According to statistics compiled by Deutsche Bundesbank, more than 60 % of securities holdings are managed by private commercial banks. Private commercial banks have never confined themselves to marketing only state-sponsored capital formation schemes. With the help of a broad range of products – from savings plans and savings bonds to sophisticated investments in securities – they actively promote capital formation by employees, thus fulfilling a responsibility towards society that goes well beyond a conventional business relationship. Given the growing problems faced by state pension schemes, the development of new, innovative products for the purposes of long-term capital formation and retirement provision has a key role to play. Private commercial banks, in competition primarily with the insurance industry, offer a variety of private pension products which qualify for allowances and tax breaks under the so- 26
BANKENVERBAND called “Riester” pension plan and cater to client preferences with regard to availability, risk and return. The Association of German Banks has repeatedly highlighted the problems posed to the pension system by demographic change and has put forward proposals for reforming social security systems. The objective must be to further strengthen and simplify funded – usually meaning occupational or private – retirement provision schemes. To date, policymakers have adopted these proposals only in part. Leaving aside concerns about the ideal type of funded pension scheme, the fact should not be overlooked that recent reforms have brought about a fundamental change in pensions policy. More and more German citizens have recognised the necessity to assume personal responsibility for their old age. Targeted information about financial products and financial planning can provide the necessary help. The Association of German Banks and its members view this as an important task. The association publishes regularly updated customer information on private retirement provision which answers the most important questions in easy-to-understand language. It has also produced a series of booklets explaining the basic features of funded pension plans and warning of the risk of poverty in old age. PROVISION FOR RETIREMENT The demographic trend in Germany poses great challenges to provision for retirement. Ever fewer contributors to the statutory pension scheme will have to fund an increasing number of pensioners. This has clear consequences for the statutory pay-as-you-go pension system. Should – as some forecast – there only be a single contributor for every pensioner by the year 2030, it will no longer be possible for the statutory scheme to provide most of the population’s retirement income more or less single-handedly, as has been the case until now. Moreover, broad sections of the population continue to underestimate the amount of money they need to set aside for their old age. Many Germans will not be able to close the resulting pension gap unless they change their savings habits. There is a need for further awareness-raising. The statutory pay-as-yougo scheme must be complemented by funded occupational and private retirement provision to secure a decent standard of living for future retirees. The introduction in 2002 of the so-called “Riester pension”, which is subsidised by the state through allowances and tax breaks, was a first step in the right direction. To date, around 14.4 million of the over 30 million people eligible for the subsidy have taken out a Riester pension. (Figures as at the end of 2010; source: Federal Ministry for Labour and Social Affairs.) 27
Page 1: BANKS AND CONSUMERS The comprehensi
Page 5: Contents I Banks and consumers - a
Page 8 and 9: BANKS AND CONSUMERS I Banks and con
Page 11 and 12: BANKENVERBAND II What is consumer p
Page 13 and 14: BANKENVERBAND lasting business rela
Page 15 and 16: BANKENVERBAND THE ECONOMIC IMPORTAN
Page 17 and 18: BANKENVERBAND customers. Some clien
Page 19: BANKENVERBAND financial services ar
Page 22 and 23: BANKS AND CONSUMERS III Consumer po
Page 24 and 25: BANKS AND CONSUMERS CERTIFICATES Ce
Page 28 and 29: BANKS AND CONSUMERS 3 Partners for
Page 30 and 31: BANKS AND CONSUMERS 4 Future develo
Page 32 and 33: BANKS AND CONSUMERS Ordinance comes
Page 34 and 35: BANKS AND CONSUMERS 2009 The Single
Page 37 and 38: BANKENVERBAND IV The private commer
Page 39 and 40: BANKENVERBAND PROMOTING ECONOMIC LI
Page 41 and 42: BANKENVERBAND Internet Teachers and
Page 43 and 44: BANKENVERBAND Conversely, some type
Page 45 and 46: BANKENVERBAND But information provi
Page 47 and 48: BANKENVERBAND If an order cannot be
Page 49 and 50: BANKENVERBAND EUROPEAN STANDARDISED
Page 51 and 52: BANKENVERBAND 3 Transparency in con
Page 53 and 54: BANKENVERBAND guarantees are now us
Page 55 and 56: BANKENVERBAND European Code of Cond
Page 57 and 58: BANKENVERBAND regardless of the ind
Page 59 and 60: BANKENVERBAND GBIC RECOMMENDATION O
Page 61 and 62: BANKENVERBAND standard practice in
Page 63 and 64: BANKENVERBAND THE CUSTOMER COMPLAIN
Page 65 and 66: BANKENVERBAND − At European level
Page 67: BANKENVERBAND DEPOSIT PROTECTION De
Page 70 and 71: BANKS AND CONSUMERS V Towards a sin
Page 72 and 73: BANKS AND CONSUMERS so far as the o
Page 74 and 75: BANKS AND CONSUMERS − to protect
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BANKS AND CONSUMERS it that, after
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BANKS AND CONSUMERS having to condu
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VI Requirements for a forward-looki
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BANKENVERBAND There can be no blank
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BANKENVERBAND 2 Uniform basic princ
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BANKENVERBAND for consumers, withou
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BANKENVERBAND shaping the customer-
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BANKS AND CONSUMERS VII Annex Rules
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BANKS AND CONSUMERS (2) Formal prel
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BANKS AND CONSUMERS b) Ombudsman de
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© Bank-Verlag Medien GmbH 40.001 (
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40.001 (01/12) Cost of Bank Service
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BANKS AND CONSUMERS Useful internet
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BANKS AND CONSUMERS The “fokus:ve
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www.germanbanks.org Wie erreichen S
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