The Austrian Financial Market Authority (FMA) regulates and monitors over 900 financial services undertakings in Austria. Collectively, these entities manage almost € 1.4 trillion in assets. The latest edition of the FMA consumer information series “Let’s talk about money” which was published today explains how the FMA is able to protect consumers as well as how it also ensures financial market stability. It does so by means of licensing and ongoing supervision of banks, insurance companies, investment firms, pension companies (Pensionskassen), corporate provision funds and other financial service providers, by monitoring orderly trading in exchange-listed securities, by providing fair advice and transparent information to consumers, as well as the fight against money laundering through to issuing warnings about dubious providers active in the domestic financial market. The FMA however clarified that it is not in a position to be able to represent individual consumers, and to provide assistance to them in enforcing the law: “We protect consumers collectively by ensureing that our financial market is a stable one, and that companies active in it stick to the rules.” In addition, it also provides information on its website in easy to understand language about all significant financial matters, that people are confronted with in everyday life, responds to individual enquiries and reviews complaints.<\/p>
All our duties, obligations and options are precisely enshrined in law,” explained the FMA’S Executive Directors, Helmut Ettl and Eduard Müller: “We are only able and allowed to act within this framework. Going over and beyond that would exceed the powers conferred on us, and would constitute haphazard behaviour by the authority, and itself would be a legal breach,” remarked the FMA’s Executive Board about the clear boundary with unregulated financial transactions, and the scope of responsibility of other authorities, such as investigative and enforcement authorities under criminal law.<\/p>
The latest edition of “Let’s talk about money” entitled “Let me introduce myself, the Austrian Financial Market Authority!” can be downloaded (in German only) or read on the FMA’s website at:<\/p>