Speaking with Expert Investor Europe magazine editor Dylan Emery, at last month’s Expert Investor Deutschland, Brandstaeter said “paragraph 34f” licensing requirements, introduced in June, had contributed to a sharp fall in the number of German advisers, from 70,000 to just 30,000.
“We have made a big step backwards, because now the private investor is again forced to go to insurance companies, to standardised products, to savings accounts,” he explained.
