But the question remains as to whether full disclosure is enough to deal with the potential conflicts of interest associated with commission-based fees, or whether there is merit in the industry moving further in the direction of offering advice on a fee-for-service basis. The cost of providing investment services to retail investors is also a challenge that needs to be addressed.
But coming back to Mumbai, I would also like to take the opportunity to welcome our new representative, Alexander Sattler. Before joining the Bundesbank, he previously worked as a policy advisor at GIZ, the German Federal Government’s agency for international development cooperation.