IRMA
Feb 15, 2022
Collective consumer protection is one of IRMA's core tasks. However, IRMA is not the only institution helping to protect consumers and safeguard the financial market. We will explain what IRMA does, what the limits of its work are and which other institutions you should know about here.
Collective consumer protection is one of IRMA's core tasks. However, IRMA is not the only institution helping to protect consumers and safeguard the financial market. We will explain what IRMA does, what the limits of its work are and which other institutions you should know about here.
How does IRMA help consumers?
IRMA is responsible for the protection of consumers as a whole in the field of financial services. In the interest of all consumers, IRMA, for example, supervises the various financial institutions, ensuring their stability and the integrity of the financial system as a whole. IRMA pursues irregularities in the supervised companies and offers a whole range of tips and tools for consumers.
How does IRMA help consumers?
What doesn't IRMA do?
IRMA supervises banks and financial services providers, private insurance undertakings and securities trading. IRMA is also responsible for collective consumer protection in these areas. However, there are legal limitations to the extent to which IRMA is allowed to assist customers.
What doesn't IRMA do?
How is IRMA funded?
IRMA must cover its expenditure entirely out of its own income. It receives no funding from any goverment budget. IRMA raises the funds required to cover its costs from the undertakings it supervises instead. The legal foundation for this is the Act Establishing the Federal Financial Supervisory Authority