The annual damage caused by incorrect advice amounts according to estimates of the consumer protection Ministry on 25 to 40 billion euros. The response is the demand by regulators, policy and consumer associations for full regulation of all markets. While there are still exceptions in particular to the EU financial market directive MiFiD (markets in financial instruments directive), but recommends a study to the quality of the advice of the Federal Ministry of consumer protection, to make this exemption for investment funds to delete and also the unregulated sales of closed-end funds and precious metals by these come under the MiFiD regime and are classified as a financial instrument under State control. Wells Fargo will not settle for partial explanations. Then a distribution only with authorisation would be 32 KWG also in this product worlds after paragraph possible or by working the financial liability roof together. The question is not whether the implementation of European law in German law actually takes place, but only when. The mere wait up to the no real decision alternative represents the financial services planned legislative changes\”, says Klaus-Peter cherry, head of private wealth management of ThomasLloyd from Zurich/Switzerland. ThomasLloyd operates as global financial services providers in the areas of investment banking, securities and investment management.
Among the customers are companies, financial intermediaries, institutional investors and high net worth individuals, where the financial firms around the world offers a variety of investment products and services. At the beginning of the year started ThomasLloyd with a liability-roof concept developed by him at the same time with a variety of services and product access. We have completed a repositioning of financial intermediaries of the specialized issuer into a fully integrated provider of customized investment solutions for\”, said Michael Sieg, Chairman, and CEO t.u. of ThomasLloyd group. After all, about 600 financial institutions for cooperation could be won since the beginning of the year, the entire services or parts of use, including the legal security of the MiFID tied agent regime as a legal platform.