German Deutsche Bank will pay one of the world’s largest manufacturers of J.Garcia Carrion (JGC) more than 10 million euros in compensation for imposing financial services, incomprehensible company employees, writes Financial Times.
The bank conducted an internal investigation, the reason for him was the complaints from several customers. They said that the financial institution officers imposed them complex financial instruments related to foreign currency. According to the EU of the EU, customers are required to remove from transactions that they are incomprehensible, because of which they cannot assess the degree of risk.
As a result, the head of the Deutsche Bank’s assets liquidation unit, the department of the department of global foreign exchange markets, as well as two traders were fired. They were involved in problem operations. JGC put forward similar complaints to Goldman Sachs and BNP Paribas.
Earlier, Russian President Vladimir Putin signed a law limiting the sale of complex financial products in inexperienced investors. Without the passage of special tests, investors will not be able to buy advanced financial instruments. For prohibition, structural bonds and outdoor derivatives of financial instruments fall. Testing will begin in the country from October 1 of this year. Some complex tools can not be purchased until April 1, 2022.