The Austrian Financial Market Authority (FMA) has imposed a fine of EUR 122,400 against HYPO-BANK BURGENLAND Aktiengesellschaft. The proceedings were concluded in an accelerated manner pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz). The fine has been imposed for breaches against the Professional Rules of Conduct for Insurance Mediation (Standesregeln für Versicherungsvermittlung). HYPO-BANK BURGENLAND Aktiengesellschaft specifically failed to ensure compliance with the Professional Rules of Conduct and Performance for Insurance Mediation with regard to the timely disclosure of specific information to clients prior to submission of the contractual declaration pursuant to § 1 para. 9 of the Professional Rules of Conduct for Insurance Mediation. Furthermore, it omitted, in contravention of § 10 para. 1 of the Professional Rules of Conduct for Insurance Mediation, to gather information about the knowledge and experience as well as the financial situation of the client or potential client. It also addressed a marketing communication to clients that was not at all times fair, clear and non-misleading, in contravention of § 1 para. 2 of the Professional Rules of Conduct for Insurance Mediation. The Professional Rules of Conduct for Insurance Mediation serve to protect persons affected by the commercial activity being performed. The penal order is final.<\/p>
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FMA imposes sanction against HYPO-BANK BURGENLAND Aktiengesellschaft for breaches of the Professional Rules of Conduct for Insurance Mediation<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[85],"tags":[],"class_list":["post-42597689","post","type-post","status-publish","format-standard","hentry","category-sanction"],"yoast_head":"\n