Commission ban would exclude a lot people from investment advice

Commission-based advice ensures that all sections of the population have access to qualified investment advice and can participate in the capital markets. A switch exclusively to fee-based advice, however, as it is currently demanded by some parties and consumer organisations, would seriously disadvantage broad sections of the population. This is the result of a study of the consulting firm KPMG that was published on 17 November 2021 on behalf of the German Banking Industry Committee (GBIC), the German Investment Funds Association BVI and the German Derivatives Association (DDV).

Consumers with small and medium investment amounts in particular would be cut off from investment advice by a commission ban, as fee-based advice would be too expensive. GBIC, BVI and DDV therefore demand that investors must continue to have the free choice between commission-based and fee-based advice.