Table 1
Circumstances relevant to the creation of misselling
| Type of investor | Type of financial service | Method of sale | Responsibility |
|---|---|---|---|
| Individual vs. Professional Client profile (depending on: investor's age, risk attitude, type of activity, creditworthiness, investment horizon) | Financial instrument/financial service Bundling The risk associated with the product | Sales channels (remote, branch sales) Intermediaries Construction of the contract The sales process and how to inform the customer Salesman remuneration scheme | Financial institution vs. employee vs. client Nature of liability (intentional, unintentional) |
[i] Source: Author own elaboration.
Figure 1
Knowledge test – do you know?
Source: Author own elaboration based on survey results.
Figure 2
Did you have any experience with unfair practices (misselling)?
Source: Author own elaboration based on survey results.
Figure 3
Main Likert scale survey.
Source: Author own elaboration based on survey results.
Figure 4
What type of the institutional system do you support?
Source: Author own elaboration based on survey results.
Figure 5
Evaluation of the confidence in financial institutions (1–7).
Source: Author own elaboration based on survey results.
Figure 6
Safety evaluation of a financial product (1–7).
Source: Author own elaboration based on survey results.
Figure 7
Popularity of a given product/financial instrument.
Source: Author own elaboration based on survey results.
Figure 8
Knowledge and understanding of financial products.
Source: Author own elaboration based on survey results.
Figure 9
What is my knowledge of the laws and state institutions that protect consumers from misselling?
Source: Author own elaboration based on survey results.
Figure 10
Am I used to sign contracts without reading them carefully?
Source: Author own elaboration based on survey results.
Figure 11
Knowledge of state financial education initiatives.
Source: Author own elaboration based on survey results.
Figure 12
Sources of knowledge and information on financial products.
Source: Author own elaboration based on survey results.
Figure 13
You are a consumer and you have been swindled when signing a financial service contract. Where will you turn for help in the first place?
Source: Author own elaboration based on survey results.