Ombudsman for investment funds
The ombudsman for investment funds is the point of contact for disputes in connection with the Capital Investment Code (KAGB). It can, for example , deal with differences of opinion regarding open and closed funds, savings contracts on a fund basis (for example in the case of a Riester contract ) or the securities account business. Disputes are settled out of court and free of charge for consumers by an ombudsman . The ombudsman can make binding arbitration awards up to a value of 10,000 euros.
The ombudsman was set up by the German Association of Investment and Asset Management and is obliged to act independently and neutrally. The basis for the organization of the ombudsman is the ordinance of the Federal Financial Supervisory Authority (BaFin) on the arbitration board in accordance with Section 342 of the Capital Investment Code.
The ombudsman for investment funds and its participating companies represent almost the entire German fund market. Membership is open to all financial service providers under the Capital Investment Code even without membership in the Federal Association of Investment and Asset Management.
The mediator's suggestions are not necessarily binding, they are only recommendations. If consumers do not agree, legal recourse is still open to you. The first ombudsman, Gerd Nobbe , was criticized for making bank-friendly remarks. Overall, the number of disputes has decreased: while in 2012 there were more than 900 submissions to the ombudsman, a year later only 74 consumer complaints were received.
Individual evidence
- ↑ a b c Ombudsman for investment funds
- ^ German Fund Association BVI
- ↑ a b Arbitration Board: Ombudsman for Fund Investors , September 15, 2011, test.de , accessed on March 6, 2014
- ↑ ProContra - Little work for the ombudsman , January 31, 2014, procontra-online.de, accessed on March 7, 2014