In the financial sector, the advice given by a provider’s customer to others to enter into a business relationship with the singled-out business partner. – As in other sectors, customer recommendations are also the most cost-saving way for an institution to strengthen its image and acquire new customers. To encourage such recommendations, recommending customers often receive a bonus when they acquire a new customer. – To the extent that a bank’s customer merely points out a potential new customer and the bank then calls the customer with reference to its customer’s recommendation, this constitutes prohibited cold calling. – Cf. BaFin Annual Report 2007, p. 146 (focus on such cases).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
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https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/