30 out of 32 financial institutions that offer regulated savings accounts have already acceded to the protocol for the FSMA's savings account simulator. The simulator will be available from 31 January 2013.
"The accession to the protocol for the simulator has met with great success. In fact, almost all financial institutions that offer savings accounts to retail clients have acceded to the savings account simulator protocol. With close to 230 billion in deposits, savings accounts are one of the savings products most favoured by Belgians. This simulator has been created to improve transparency and make these savings products easier to compare against each other", stated Jean-Paul Servais, Chairman of the FSMA.
Available from 31 January on the new financial education portal developed by the FSMA, the savings account simulator will enable savers to obtain a personalized comparison online of several accounts. After having entered certain data, in particular the initial capital to deposit, any subsequent amounts, and the investment horizon, the financial consumer will receive a list of savings accounts. The information on these accounts has been provided by the financial institutions and will be updated by them in the event of any modifications. The results returned by the simulator will therefore vary depending on the criteria selected and the data entered by the saver.
"The simulator offers a personalized approach. It also has the advantage of being developed by one autonomous supervisor, of including the rating assigned to the bank, and featuring the deposit guarantees that exist", added Jean-Paul Servais, Chairman of the FSMA.
By acceding voluntarily to the protocol, the financial institutions commit to supplying all the information needed for the simulator. The list of financial institutions that have acceded to the protocol will be available on the FSMA's website from 31 January. On the same date, the FSMA will present its financial education portal and programme to the public.