"Let’s talk about money” has answers to key questions about switching securities accounts: costs, how long it takes and deadlines.
Do you want to transfer your securities account to a new provider: what do you need to consider? The latest edition of “Let’s talk about money”, the Austrian Financial Market Authority (FMA)’s information series, contains the answers to the most frequently asked questions. For example: How much does switch cost, how long does it take, what delays can occur, and what tax ramifications need to be considered. For example, your securities are usually not tradeable while being transferred – if the switch takes place when there is market turbulence, this can cause stress. Securities account transfers may have tax implications, and where there is a foreign link, responsibility for their taxation treatment lies with investors rather than the bank. These are just a few examples of the more complex issues that can arise when moving a securities account with regard to costs, timeframes and taxes, that customers might also know from switching a current account.
“Let’s talk about money” is the FMA’s information series for consumers that first appeared in January 2021. Over the last four years, it has covered a wide array of topics, including investment fraud, consumer loans, comparison portals, gold savings plans and many more. This year, the series has been extended by means of an Instagram channel and a podcast, to allow topics to be covered in greater depth and to be able to reach a broader target group. Collective consumer protection is an central objective for the FMA.
The new edition of “Let’s talk about money” can be found in English, along with all past editions on the website https://redenwiruebergeld.fma.gv.at/en.
Detailed information about money and investing can also be found on the FMA website. Follow “Reden wir über Geld” on Instagram too at @redenwiruebergeld. The “Reden wir über Geld” podcast can be found on all podcast providers.
Journalists may address further enquiries to:
Boris Gröndahl (FMA Media Spokesperson)
Telephone: +43/(1)249/59-6010
Mobile: +43 676 8824 9995
E-Mail: [email protected]