As offering financial intermediaries in particular are banks , insurance companies , building societies , credit card companies, investment companies , leasing - or factoring companies, credit intermediaries or shadow banks in question. Offered financial instruments , financial instruments , as well as asset management , portfolio management , Kreditservicing , broker pools or mere financial advice . Inquirers can be other financial intermediaries and non-banks ( companies , legal entities under public law and natural persons ).
The term financial services was coined at the beginning of the 1980s in the USA and initially affected private customers . In Germany, the term was obviously used descriptively for the first time in 1987 in an economic-functional definition of banking that provides financial services. The banking business theory later removed the term from its institutional validity and began to differentiate between original and derivative financial services. According to this, there are original financial services if they “contribute to the fulfillment of one or more financial functions or take over their fulfillment entirely”. In the case of private households, this includes the income and expenditure of means of payment , saving and wealth creation . Derivative financial services are pure advisory services in financial matters, so that original financial services can be the result of previous derivative services. For example, the original financial service saving would become a derivative financial service if the saver was advised by an investment advisor or bank employee on the form of savings ( e.g. building society savings , overnight money or savings book ) .
The once individually tailored to the bank's customers financial products were in finance increasingly cost reasons and reasons of market transparency unified ( commoditization ), so that from about 1980, the term " financial industry " emerged.
In May 1999, presented European Commission with the action plan for financial services (English Financial Services Action Plan , FSAP) 42 measures to create a viable financial internal market. The EU Directive 2002/65 / EC of September 2002, which applies in all EU member states , dealt with consumer protection in the distance selling of financial services. It defined financial services as "any banking service and any service relating to a loan, insurance, individual pension, investment or payment". The Directive 2004/39 / EC on markets in financial instruments (short MiFID; abbreviation MiFID) in April 2004 extended the settlement of financial services to include provisions for investor protection , enhanced transparency of financial markets and integrity of financial services. In June 2010 the Commission issued a communication on “Regulating Financial Services for Sustainable Growth”. Paragraph 116 of the Capital Adequacy Ordinance of June 2013 requires that stable refinancing structures are required so that households and companies can always be provided with financial services.
Germany in particular
The Financial Services Supervision Act (FinDAG) first introduced the term financial services into German law in April 2002. One of the institutional consequences was the renaming of the former Federal Banking Supervisory Office in May 2002, which was renamed the Federal Financial Supervisory Authority (abbreviation BaFin) after merging with other authorities in accordance with (1) FinDAG and thus adopted the term financial services as the name of the authorities.
Another banking regulatory consequence was that the German Banking Act (KWG) now between banks , financial services institutions , financial companies and CRR banks is different, and it banks and financial services institutions to "institutions" summarizes ( para. 1b KWG). Financial services institutions operate the following financial services, which are finally listed in (1a) KWG:
- Investment brokerage
- Investment advice
- Operation of a multilateral trading system
- Placement business
- Brokerage of financial instruments in the name of others for the account of others
- Financial portfolio management
- Acquisition and sale of financial instruments for one's own account as a service for others ( proprietary trading )
- Brokerage of deposits in countries outside the European Economic Area (third-country deposit brokerage )
- Varieties shop
- Purchase of receivables with or without recourse ( factoring )
- Conclusion of finance leases as lessor
- Acquisition and sale of financial instruments for a community of investors (investment management).
If only one of these businesses is already being operated commercially, it is a financial services institution that requires a banking license in accordance with KWG . The permit must be available before starting business activity; Entries in the commercial register may only be made if authorization has been proven to the registry court ( (1) KWG). The differentiation between credit institutions and financial services institutions has consequences because, in particular for factoring and finance leasing companies according to (7) and 7a KWG, not all KWG regulations apply.
In parlance, financial services also include all banking transactions performed by credit institutions within the meaning of (1) KWG and services provided by insurance companies. In terms of supervisory law, however, a distinction is made between banking, financial services and insurance. Accordingly, in the Banking Act ( KWG), higher capital requirements are placed on the operation of banking business than on the operation of financial services business. The requirements for insurance companies can be found in the Insurance Supervision Act .
- BaFin website
- Banking Act (PDF; 829 kB)
- Overview of the most important regulations for financial services institutions and securities trading banks (PDF; 40 kB)
- Deutsche Bundesbank for banking supervision
- Gabler Wirtschaftslexikon , 1993, p. 1132
- Knut Kühlmann / Günter Käßler-Pawelka / Holger Wengert / Wolfgang Kurtenbach, Marketing für Finanzdienstleistungen , 2002, p. 7
- Karl Friedrich Hagenmüller / Adolf-Friedrich Jacob: Der Bankbetrieb , Volume III, 1987, p. 9
- Michael Haller: The Penetration of the Banks and Insurance Markets - Why Now , 1987, p. 64.
- Uwe C. Swoboda: Private customer business of credit institutions , 1997, p. 59 ff.
- Uwe C. Swoboda: Private customer business of credit institutions , 1997, p. 60.
- Dirk Geitner: Financial Services in Germany , 1989, p. 555.
- Thomas Hutzschenreuter: Electronic Competition: Branch dynamics through Entrepreneurship on the Internet , 2000, p. 144.
- Directive EG 2002/65 of September 23, 2002.