bAV: Warning against unlawful banking and financial services transactions *

“The hardest part of having an idea is not having it, but knowing if it’s good.” (Chris Howland)

Payment transactions for time value accounts or for “contractual portability” Innovative initiators in the field of company pension schemes (bAV) and the handling of time value accounts have brought models onto the market in which they themselves manage the money “saved” by employees (financial portfolio management) or pass it on (financial transfer business) and settle it.

A typical model is that the initiator offers to ‘collect’ the contributions from the current employer as well as from perhaps the new employer in order to secure portability and to forward them to the respective product provider (life insurance, investment fund, etc.) in order to simplify payments. similar models can also occur with providers of working time accounts.
Risk of misappropriation Of course, this service also costs something – the initiator deducts a few euros for administration. It becomes particularly tricky when these additional costs are not transparent to the employer and employee: Because a public prosecutor could later take the view that the “inexperience” of the contractual partners was exploited here.

The violation of legal prohibitions (e.g. ?failure to provide complete insolvency insurance?) or requirements (e.g. “equal value”) can also have similar consequences. This category also includes so-called “kick-backs”, where fees or commissions are charged and shared “around the back”, which are initially not visible to the investor.

The risk of prohibited financial transfer transactions It becomes particularly tricky when the collection of funds and the onward transfer requires a permit.

The 4th Financial Market Promotion Act, for example, stipulated that, pursuant to section 1 para. 1 a No.6 KWG, the “provision of payment orders” is one of the financial services requiring a licence. For money remittance business, it does not matter whether it is partly settled in cash or only as book money via bank accounts.

Safeguarding through enquiries with authorities In the area of working time accounts and occupational pension schemes, various permits come into question which are sometimes not available to the initiators and their partners. For example, it may be a question of whether

Permission for the collection business exists (inquiry at the local district court and at the trade office)
Permission to provide tax / legal advice (enquiry with the head of the local court and the local bar association)
Permission for financial portfolio management or financial transfer business (request to BaFin).

Precaution because of “risks and side effects” As a rule, such contracts that violate legal prohibitions are null and void, § 134 BGB. Then there is often the threat of compensation in the form of a reversal. Liability insurance will not provide coverage for such damages.
The duty of the financial advisor to check concepts of initiators for plausibility prior to a placement will therefore be in the interest of the clients and their advisors.

*by Johannes Fiala, Lawyer (Munich), Mediator (Univ.), MBA Financial Services (Univ.Wales), MM (Univ.), Certified Financial and Investment Advisor (A.F.A.), EC Expert (C.I.F.E.), Lecturer (Univ. of Cooperative Education), Banker (www.fiala.de)

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Über den Autor

Dr. Johannes Fiala
PhD, MBA, MM

Dr. Johannes Fiala ist seit mehr als 25 Jahren als Jurist und Rechts­anwalt mit eigener Kanzlei in München tätig. Er beschäftigt sich unter anderem intensiv mit den Themen Immobilien­wirtschaft, Finanz­recht sowie Steuer- und Versicherungs­recht. Die zahl­reichen Stationen seines beruf­lichen Werde­gangs ermöglichen es ihm, für seine Mandanten ganz­heitlich beratend und im Streit­fall juristisch tätig zu werden.
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