At a glance
- Credit advertising with mandatory information
- Marketing communications fair and identifiable
- Finfluencers may need a licence
Financial advertising is subject to the UWG and a dense supervisory framework. BaFin can prohibit advertising; competitors and consumer organisations send warnings.
Credit
Consumer credit advertising stating interest rates or cost figures must include the information required by Sections 16, 17 PAngV, in particular the APR and a representative example. The new Consumer Credit Directive (EU) 2023/2225 adds requirements from late 2026. “0% financing” is only allowed if there are truly no costs.
Investments
Marketing communications by investment firms must be fair, clear, not misleading and identifiable as such (Section 63(6) WpHG). Past performance only with period and warning. ESMA guidelines on marketing communications and on fund names with ESG terms apply.
Crypto-assets
Marketing communications must be identifiable, fair, clear, not misleading and consistent with the white paper (Arts. 7, 29, 53 MiCAR).
Finfluencers
Influencers promoting investments are advertisers and, depending on the set-up, may require a licence as investment brokers or advisers. Affiliate links to brokers are advertising.
Case examples
The CJEU held that advertising “pay on invoice” can be a promotional offer whose conditions, such as a credit check, must be disclosed early (15 May 2025, C-100/24).
A furniture store advertises “0 % financing” but charges a processing fee. The APR is not zero; the headline is misleading and a representative example under § 17 PAngV is required.
A provider of subordinated loans advertises “7 % guaranteed” and mentions total-loss risk only in the fact sheet. The ad is misleading.
Payment methods
Advertising a payment method such as “buy now, pay later” may be a promotional offer; conditions like credit checks must be stated early (CJEU, 15 May 2025, C-100/24, bonprix).
