新证券法下“投资者适当性义务”的实现路径——从“规则监管”到“原则监管”的转变

新证券法有关“投资者适当性义务”的规定反映了近年来国际上重视金融消费者保护的“行为监管”趋势。行为监管要求将原有单纯满足监管规范要件的“形式合规”转向以实现金融消费者保护为结果目标的“实质合规”,由此金融消费者保护方式呈现出从“规则监管”向“原则监管”的转向。同样地,本次修法将以往中国证监会具体、细化的投资者适当性规则上升为抽象的法定义务,这就决定了券商在销售证券或者提供服务的过程中不能完全以所谓的“程序合规”作为其完成“投资者适当性义务”的标准,而应以“程序合规+实质合规”来证明其对“投资者适当性义务”要求的满足。新证券法在投资者保护方面呈现出一种明显的“以结果为导向”的原则监管新思路。     

The Prospectus Directive

The Prospectus Directive, due to come into force on 1st July, 2005 (the Directive), will harmonise the requirements for the content, approval and publication of prospectuses in relation to offers of securities to the public and applications to admit securities to trading on a regulated market in the EU. It provides for maximum rather than minimum harmonisation of rules relating to prospectuses, in that member states cannot in general require compliance with standards going beyond the requirements of the Directive. Its provisions will be implemented by a Commission Regulation (the Regulation) which will also apply from 1st July, 2005 and member states are required to transpose the Directive by that date. This paper describes the mechanics of the new regime. Of particular interest to those in the business of marketing financial services are the new EU-wide rules on publication of prospectuses and advertisements in connection with them, as explained below.     

‘On-brand banking’: An examination of the factors contributing to effective branding and brand development through direct marketing in the consumer financial services sector

The services sector now accounts for more than two-thirds of GNP in the UK and yet much of the work on branding is based on fast-moving consumer goods. This paper presents key factors for effective brand and brand loyalty building in financial services direct marketing and examines why these success factors may be missing from most financial services direct mail. The issues are examined here from a direct marketing (DM) agency and DM brand experts' perspective. Key objectives for successful branding in financial services direct marketing emerge. Barriers believed to be preventing the consumer financial services sector from using the direct marketing medium to its full brand-building potential are reported and recommendations are made for overcoming some of these problems.     

Consent to direct marketing in the financial services sector

The development of communications technology in recent years has led to an expansion in ‘cold calling’, particularly as a means of selling financial services. While encouraging new entrants into the market and thereby increasing consumer choice and competitive prices, this is often viewed as an infringement of personal privacy. This paper attempts to reconcile the complex legal framework that has been put in place to restrict the use of unsolicited direct marketing and to show how, through the use of a carefully drafted data protection notice, the direct marketing of financial services may be conducted lawfully.     

The influence of marketing communications strategy on consumer purchasing behaviour in the financial services industry in an emerging economy

The financial services sector is characterised by a high level of consumer perceived risk and irrational behaviour in decision-making, which is predominantly influenced by the effect of communication and the application of heuristics as a function of communication in consumer decision-making. This situation promotes marketing communication as one of the most essential activities that financial institutions rely on to mitigate the perceived risks and to satisfy consumers’ quest in understanding financial products. Hence the importance of this research is to establish the effects of marketing communication on consumer purchasing behaviour in emerging economies that are experiencing expanded financial markets but limited corresponding research insight. To achieve the aim of this study, the research uses data from 360 customers of selected financial institutions in Ghana. The hypotheses are tested using the structural equations modelling technique. The results of the study reveal marketing communication strategies evaluated have positive and significant impacts on consumer purchase behaviour. However, amongst the marketing communication strategies tested advertising and celebrity endorsement were found to have an insignificant relationship with consumer purchase behaviour. The study offers practical and theoretical insights into understanding the dynamics and nuances of the integrated marketing communication mix and how they influence the purchase behaviours of consumers.

     

The magic of branding: The role of ‘pledge’, ‘turn’ and ‘prestige’ in fostering consumer trust in financial services

The purpose of this article is to study the impact of brand image on consumer trust through empirical investigation in the context of the financial services sector. While trust helps to bind consumers to brands, a strong brand image works like magic in reducing consumers’ risk perception and promoting trust. This study analyses how brand image influences consumers’ trusting intention through operationalising an interdisciplinary brand-trust model. Constructs and measures were drawn from interdisciplinary brand and trust literature and tested through employing EFA, CFA and structural equation modelling. Data were collected through a quantitative survey of 300 financial services consumers. Using the analogy of a magic trick, the study unveils the key role of financial services branding in engendering consumer trust in the ‘pledge’ or ‘prestige’ parts of the trick but not in the ‘turn’. The research contributes to the convergent and mutually inclusive theories of trust and branding as well as services marketing literature. For managers and policymakers in the financial services sector the findings will help them to effectively manage brand image and foster consumers’ trusting intention.     

The potential impact of new technology and European mail deregulation on financial services marketers

This paper identifies the problems and opportunities presented to financial services marketers by European mail deregulation and the advent of new document technology in 2003. It explains the theory and current reality of mail deregulation in the UK and explains the timetable for its introduction. It goes on to explore the opportunities deregulation will create for more targeted direct marketing and even one-to-one marketing through new services and technology. It concludes that the financial services companies that utilise these new opportunities earliest to meet the needs of their customers will benefit most in both brand and net revenue terms.     

Beyond Sandler: Risk tolerance and the UK investment deficit

The Sandler report of 2002 found a £27bn shortfall in the UK nation's savings. The report highlights the industry changes necessary for citizens to increase investment for their future and thus reduce this deficit. The mass of this investment activity will take place through high street financial services organisations. Sandler suggests changes in industry-wide structure and practice which will lead to macro changes in generic consumer behaviour. This paper suggests that the marketing departments in financial services organisations can go beyond this and harness ‘risk tolerance’ as a segmentation variable to alter behaviour on a more targeted, micro level. It is suggested that this practice could have an even more profound effect than that envisaged by Sandler. In support of this postulate, this paper presents the results of a research programme into segmentation by risk tolerance within a UK retail financial services organisation.     

Die Umsetzung der europäischen Compliance-Vorgaben im österreichischen und deutschen VAG 2016

As member states of the European Union both Austria and Germany adopted the provisions of the Solvency II Directive in their national supervisory law. So this European Directive leads to a more convergent, consistent level of regulation and supervision a comparing view on the implementation of the Directive in both countries, Austria and Germany, really seems interesting. This paper compares the Austrian and German Supervisory Law in special respect to the current compliance-regulation in this countries.     

Independent financial adviser (IFA)-based brand equity pyramid

This paper aims to evaluate the applicability of the existing brand equity pyramid models in the context of independent financial advisers (IFAs) in the UK financial services sector. Nine in-depth interviews with IFAs and nine in-depth corroboration interviews with senior marketing managers and employees in one of the UK’s largest financial services providers were undertaken for the purpose of the study. The findings indicate that when applied in the context of IFAs, the existing brand equity pyramid models require modification. These findings lead to the development of an IFA-based brand equity pyramid. The new model can provide insight for financial services marketing academics and practitioners on how IFAs perceive and evaluate financial services brands to be recommended to their customers. Our findings will help financial services providers to develop strong brands in the mind of IFAs.

     

Insurance Protection Funds in the European Union—Quo Vadis?

Contrary to the development in other major insurance markets in the world only 13 out of 27 EU member states have introduced until now some type of insurance protection funds (IPF). As a result around a third of the market is without any collective protection. There is also a continuous debate since 2001 among the member states on the need for such a system at the community level. The experiences of the latest financial crisis have raised new arguments for reorganizing the existing system to avoid regulatory arbitrage and to strengthen consumer security. Even the prospective implementation of provisions strengthening supervisory bodies, and the new solvency directive (so‐called Solvency II) are not fail‐safe solutions. This article is an attempt to review the current situation as regards IPF in the EU and to discuss possible development scenarios.     

Die Private Krankenversicherung im Fokus des Verfassungsrechts

Starting with the question as to the extent to which the state may interfere with economic interests at all, a brief historical overview is given through to the regulations currently in force. The Basic Law (Grundgesetz) remains neutral on this issue so that the question cannot be discussed as to whether regulations are at all conceivable and admissible but how far these can go. The noteworthy parameters of the German law on intensifying competition in the statutory health insurance system (GKV-WSG) are then highlighted: the collision of the reform of private health insurance law with the reform of the entire insurance contract law as well as the length of the individual provisions and the correlating remark of member of parliament Merz in the Cicero magazine according to which no single member of parliament had even a rudimentary understanding of he was actually deciding on. From the point of view of substantive law, the main “diseases” of the GKV-WSG are strikingly shown, including in particular the creation and design of the basic rate as well as non-terminability etc. Finally reference is made to the double balancing act with which the private health insurance system is confronted: on the one hand the statutory health insurance system with its allocation principle and the private health insurance system with it superior principle of equivalence that wakens the desires of 4/5 of the German population who live in a poorly functioning system; on the other hand the field of tension between individual and collective consumer protection, i.e. between the high standards which are to be created for individuals which are then ultimately to be borne by the collective.     

发达国家金融消费者权益保护制度对我国的启示

上世纪90年代以来,随着我国金融业改革力度不断加强,金融创新工作得到了很大发展,种类繁多的金融产品随之产生。虽然消费者藉此获得了丰厚收益,但同时也加大了金融消费的风险性。随着金融危机的爆发,金融消费者与金融机构的矛盾日益尖锐,金融消费者权益保护问题备受关注。相比国外较为成熟的法律机制和保护机构体系,我国在金融消费者权益保护方面的缺陷致使问题较为突出。如何构建一套适合我国国情的金融消费者保护体系,成为我国金融改革的当务之急。本文通过概述金融消费者权益内涵、研究国外金融消费者保护制度和相关措施,探索我国金融消费者保护有效途径,以推进我国相关法律制度的建设。     

A cross-category examination of consumer price awareness in financial and non-financial services

Consumer awareness of prices is a fundamental requirement for sound purchase decisions. However, while in recent years the volume of research on consumer price awareness for manufactured goods has grown significantly, studies of price awareness in services, and in particular in financial services are almost nonexistent. As a result, the overall understanding of the level price awareness for financial services and its potential determinants has been limited. This paper profiles the level price awareness for a series of financial services as well as non-financial services. Systematic differences between financial and non-financial services are empirically examined, and the related drivers are contrasted between the two types of service. The paper concludes with a discussion of the implications of the findings on the pricing and marketing of financial services.     

International interest withholding taxation: Prospects for a common European policy

In 1989 the European Union member states rejected a proposal to introduce a minimum interest withholding tax of 15 percent. Some Union member states, however, remain keenly interested in bringing about some minimum level of international taxation of interest income. This suggests that member states will be asked to reconsider the issue in the near future. This paper first examines the effects of interest withholding taxes on financial markets. It then reviews some of the main aspects of potential tax reform in this area. A major challenge for any future proposal will be to satisfactorily integrate the banking system into a common interest withholding scheme.     

Brand portfolio options for the UK retail banks

Following deregulation in the late 1980s, many financial service companies rapidly grew their product portfolios. Developing these extensive portfolios has raised complex issues for financial service companies regarding how the new products and services should be marketed and, in particular, how they should be branded. This paper seeks to identify the relevant issues concerning the marketing and branding of large portfolios of financial service products. Using the brand portfolio model developed by Aaker and Joachimsthaler,¹ the paper analyses the brand portfolio strategies adopted by the UK's leading retail banks (Barclays, Lloyds TSB, NatWest/RBS and HSBC). The paper concludes that given the complexity of branding as a concept and in predicting how consumers will respond, ultimately all financial services need to experiment more both with how individual brands are positioned and advertised and what portfolios are optimal.     

Mobile banking: A powerful new marketing and CRM tool for financial services companies all over Europe

In the last decade mobile handsets have become ubiquitous. There are three times as many mobile phone users as online PCs and they are becoming very sophisticated and demanding users. Increasingly they will expect real-time information and access 24 hours a day, seven days a week, wherever they are in the world — and they want very high levels of service. This paper looks at how and why financial organisations across Europe are beginning to take advantage of mobile services and in particular mobile banking as a powerful new marketing tool to build long-lasting and mutually rewarding relationships with new and existing customers. Examples show how European financial organisations are using mobile banking to improve their customer service and relationships, to reinforce their brand by literally placing it in their customer's pocket and to reduce their costs.     

银行卡消费者权益保护法律问题研究——兼论金融消费者权益的保护

随着我国金融消费者权利意识的不断增强,金融消费者保护问题El益受到关注。文章从我国银行卡领域金融消费者权益受到损害的社会现象出发,全面梳理了我国银行卡消费者权益保护的立法现状,分析了其在立法理念、法律层次、权益内容、保护机构、救济手段等方面的法律缺陷,提出了加强金融消费者和银行卡消费者权益保护立法、明确银行卡消费者权益保护机构、健全消费者维权途径等相关立法建议,以期对建立健全银行卡领域金融消费者权益保护法律制度有所裨益。     

Branding and relationships: Customer and supplier perspectives

This paper explores and investigates the role of branding within financial services. Specifically, the study aims to assess the importance of branding and its associated elements including brand image and brand experience in the relationships that exist between consumers and their financial brands. It aims to achieve this through research, which identifies gaps between the managerial and consumer perspectives on branding in relationships in retail financial services. It is well established that the characteristics of services are different from those of manufactured goods and that service personnel play a central role in the services experience. Moreover, the concept of relationship marketing within services proclaims the importance of one-to-one relationships between businesses and customers as well as relationships between consumers and their brands. Drawing from the fields of brand management, relationship marketing and services marketing, this research aims to investigate the perceptional differences between consumers and suppliers in relation to the importance of branding in financial service relationships. The research findings indicate that brand experience appears to be far more salient than brand image in shaping and building meaningful and lasting brand perceptions and promoting customer retention.     

Selling banks is the same as selling soap: Applying fast-moving consumer goods best marketing practices to the banking industry in Central and Eastern Europe

Attempts to market financial services as fast-moving consumer goods products are rather rare in the traditional banking industry. eBanka, a small retail and SME bank in the Czech Republic, applied the FMCG marketing approach with great success. Long-time FMCG marketer, Petr Pistelak, explains the basic principles of FMCG marketing and shows how they were applied to triple the revenue of a small bank in less than three years, while bringing the once struggling bank into profitability.