Our FairShare™ principle (FairShare) has been an integral part of our business with private and commercial clients (PCC) since 2009. It plays an important role in ensuring that our products and services are tailored to the needs of this client group.
FairShare includes our product principles, which commit us to ensuring that our products:
- are part of the real economy,
- serve the individual without detriment to the general good,
- are transparent and easy to understand, and
- provide tangible client benefits.
We do not offer our private and business clients any products that do not comply with these principles, nor do we recommend any such products. Certain products are also excluded from our consulting services. This will always apply to products connected with:
- wagers on death, illness, disability, or insolvency;
- the production and sale of nuclear weapons, cluster munitions and land mines;
- speculation on food shortages;
- the promotion or use of child labour;
- criminal activities such as drug trafficking or money laundering; and
- human rights violations.
Compliance with our product principles is a prerequisite for the approval of new products and processes (New Product Approval, NPA) within the PCC division. For example, our NPA processes include checking the extent to which our sales documentation is in line with both statutory provisions and our own product principles. We will also ensure that our requirements continue to be met throughout the product life cycle. This will be achieved with the aid of a special database that we introduced in 2016. So far, we have not had to withdraw a single product due to infringement of these basic principles.
Our checking and support functions are also subject to strict requirements to ensure that risks are properly monitored and our FairShare principle is observed along with our product principles. To ensure these are observed, everyone involved is provided with precise descriptions of their respective responsibilities and functions. The Divisional Control Officer (DCO) is responsible for monitoring compliance. All processes connected with so-called non-financial risks are discussed in the Global Internal Control Council (GICC) for PCC. The Council’s powers include the ability to demand specific changes to products or processes, or that checking functions be examined.
Our consulting services are aimed directly at the financial requirements and objectives of our various client groups. This is achieved:
- by adopting a unified approach to client care within the Private & Business Clients division;
- by regularly training our advisors in order to expand their credit competence and product knowledge, and to familiarize them with statutory requirements such as the German Investor Protection Act (Anlegerschutzgesetz);
- by using in-depth discussions and extensive questionnaires to identify our clients’ requirements throughout the various life stages, and to offer them responsible consulting services in the areas of finance, investment, savings, insurance, and pensions; and
- by providing our advisors with support from product specialists who can tailor products to the specific financial needs of individual clients.