US Securities and Exchange Commission punishes banks: Confidence is destroyed

Ach, how nice it would be if you could rely on customer advisors to provide correct information about investments in banking transactions! And how nice would it be only if you could trust that it was at the stock exchange there are fair courses for everyone and no one takes advantage of insider knowledge! However, banks thoroughly gambled away this trust at the latest with the financial crisis. Lawmakers have responded to their misconduct. Banks now have to store phone calls with their customers for years. It’s very bureaucratic, and it’s questionable whether it will increase customer trust.

But it is true that bank supervisors check whether financial institutions comply with the rules. Here US authorities show more bite than German. You now have Deutsche Bank and its fund company DWS as well as more than a dozen other Wall Street houses sentenced to high penalties because bank employees communicate with customers via services such as Whatsapp, mix private and business matters and the long storage of conversations there hardly exists is. The banks brought the penalties themselves twice: first destroyed trust, then violated rules.

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