As part of the reform of regulated savings deposits, the FSMA publishes a protocol (French - Dutch) on the launch of a savings account simulator. This simulator, which will allow the different savings accounts offered by financial institutions to be compared against each other, will be made available to the public from 31 January 2013 on the FSMA's new financial education portal.
By way of reminder, Steven Vanackere, Minister of Finance, Johan Vande Lanotte, Minister of Economy and Consumer Affairs, the FSMA, and Febelfin concluded an agreement on 13 July 2012 for a reform of savings accounts.
The aim of this reform is to improve the transparency of savings accounts by way of product standardization, in particular with respect to the calculation and method of payment of interest. The agreement also provides for the creation of a savings account simulator managed by the FSMA that can be accessed online through its new financial education portal. The launch of this new portal and the simulator is planned for 31 January 2013. This simulator will enable savers to obtain a comparison online of the various savings accounts offered by financial institutions.
The FSMA has published the protocol for the creation of this simulator on its website. This protocol provides a general description of how the tool works and also details the data that the financial consumer must enter in order to obtain a comparison of the various savings accounts available on the market. The protocol also explains how financial institutions can supply and update their information.
Febelfin, which has taken part in the elaboration of this protocol, has committed to ensuring that its members that offer regulated savings deposits accede to the protocol individually at the latest on 15 January 2013. The FSMA will publish on its website the list of institutions that have acceded to the protocol. The protocol, its technical annex and the accession form are already available on the website of the FSMA (French - Dutch).