Neo-brokers like Trade Republic are putting pressure on the traditional banks, which have been robbing their customers for decades. But the regulators now seem to be rushing to help. Is it still okay?
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Harold Freiberger
The humorist, people and financial industry expert Gerhard Polt released the feature film “Kehraus” in 1983. In the beginning, the forklift driver Ferdinand Weitl, played by Polt himself, sits in his kitchen with an insurance agent who hands him one contract after another to be signed. The naïve, clumsy Weitl signs everything and only realizes that he made a mistake when the representative has left. “I don’t need storm and water insurance because I live in an apartment building,” he says. All policies together cost 700 marks a month, “and I only get 1,680 marks net.”