The Austrian Financial Market Authority (FMA) hereby announces that a total fine of € 480 000 has been imposed for breaches of provisions defined in the Consumer Payment Account Act (VZKG; Verbraucherzahlungskontogesetz) / Payment Services Act (ZaDiG; Zahlungsdienstegesetz) against five responsible members of the management board and against 4 responsible representatives pursuant to Article 9 para. 2 of the Administrative Penal Act (VStG; Verwaltungsstrafgesetz) of BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG, who were responsible at the time the breached occurred. The credit institution did not make a functioning switching service available to its customers, thereby acting in contravention of Article 17 VZKG among other provisions. Neither ZaDiG nor VZKG prescribe a punishment of the legal person. The penal orders are not final.
Update: 12.07.2017
In eight of the nine cases an appeal was lodged with the Federal Administrative Court (Bundesverwaltungsgericht).
Update: 10.08.2017
The FMA issues a preliminary appeal decision against 5 responsible members of the management board responsible at the time the breaches occurred of the BAWAG PSK Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG, in which the total fines imposed were reduced from €480,000 to €460,000. The preliminary appeal decisions are not final.
Update: 24.08.2017
The 5 responsible members of the management board responsible at the time the breaches occurred have made submissions to the Federal Administrative Court.
Update: 05.10.2018
The Federal Administrative Court in its ruling of 25.09.2018 dismissed the appeals of the 5 responsible members of the management board as well as the 3 responsible representatives pursuant to Article 9 para. 2 of the Administrative Penal Act (VStG; Verwaltungsstrafgesetz) of BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG with regard to the issue of guilt. The fines imposed in total were reduced to € 55,000 due to the amended legal situation regarding of the uniform calculation of the fine that now applies pursuant to Article 22 para. 8 of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördegesetz) as well as the range of penalties stipulated in the Consumer Payment Account Act (VZKG; Verbraucherzahlungskontogesetz). The orderly final right of appeal was only deemed to be permissible insofar as it refers to the application of the principle of absorption pursuant to Article 22 para. 8 FMABG.