Austria Financial Market Authority publishes consumer switching checklist for transferring securities accounts

The Austria Financial Market Authority (FMA) has published a new edition of its “Let’s talk about money” consumer information series setting out what investors should consider when switching securities accounts, including costs, expected timelines, potential delays and relevant deadlines. The guidance highlights that securities are usually not tradeable while they are being transferred, which can be problematic if the switch coincides with market turbulence. It also flags that transfers can have tax ramifications and that, where there is a foreign element, responsibility for the tax treatment lies with the investor rather than the bank. The new edition is available in English on the FMA’s “Let’s talk about money” website alongside past editions, and the series is also distributed via an Instagram channel and a podcast.