FMA’s contribution to Consumer, Investor & Creditor Protection

The FMA’s contribution to consumer protection lies in the supervision of solvency, the market and conduct. The FMA is not a consumer protection organisation in the classic sense. Its role is not to assist complainants in enforcing any possible damage claims or claims against supervised companies. As a supervisory authority, it must remain objective in its treatment of all supervised entities and their customers, remaining impartial at all times. The consumers concerned must as a general rule pursue claims for damages by taking legal action through the civil courts.

Information and complaints from consumers, investors or creditors against market participants are a key source of knowledge for supervisory activity. The FMA looks into every customer complaint and checks whether there are systemic flaws. The FMA’s complaints management and consumer hotline teams provide information on the statutory options that are open to complainants. They also ensure that any information relating to relevant undesirable developments or potential breaches of supervisory standards is investigated. In view of the required impartiality on the FMA’s part during administrative proceedings, it may not disclose any information to a complainant on the progress or outcome of the proceedings due to its obligation to maintain official secrecy. However, if a damages claim is also brought before a civil court, the court may inspect the files in the context of official assistance.