Source: BUS Sachsen-Anhalt (Linie6PLus)

File a complaint against financial service providers

Description

If you have problems with a bank, insurance company or other financial service provider, you can file a complaint with the Federal Financial Supervisory Authority.

The Federal Financial Supervisory Authority (BaFin) supervises banks and financial service providers, insurers and securities trading. Collective consumer protection is also part of this.

You can file a complaint with BaFin against a company in the financial services sector; for example, if you believe that you have received incorrect advice or if you have problems with the execution of contracts. You can also contact BaFin if you have indications of price manipulation or insider trading.

However, BaFin can only deal with complaints about companies that are subject to its supervision and cannot make binding decisions on individual disputes. Only a court can clarify disputed legal opinions in a binding manner and oblige the companies to make a payment, for example by means of a judgment. If you want to obtain a judicial decision in your case, you must sue the company in question.

If you have any questions about supervised companies, consumer protection in the financial sector or are considering a complaint against a financial service provider, you can also contact BaFin's consumer telephone on the free number 0800 2 100 500.

Requirements

none

Which documents are required?

Your written complaint with a description of the facts and the reason for the complaint.
If you complain about an insurance: the type of insurance, the number of the insurance certificate and, if applicable, the damage number.
If you complain about a credit or financial services institution: type of business relationship such as custody account, current account, savings contract, the account or customer number and, if applicable, the name of the account holder, if you are not yourself or complain on behalf of another person.
If your complaint concerns the purchase of securities, please also mention the securities identification number (WKN or ISIN).
In the case of complaints for another person, a corresponding written power of attorney should be enclosed.

What are the fees?

none

What deadlines do I have to pay attention to?

none
Note: Filing an appeal with BaFin does not inhibit the statute of limitations for civil claims.

Processing duration

Since BaFin regularly asks financial service providers to comment, complaints usually take several weeks to process. Regardless of the final processing, however, you will receive a confirmation of receipt.

Who should I contact?

Federal Financial Supervisory Authority
P.O. Box 1253
D-53002 Bonn

Phone: +49 228 4108 - 0
fax: +49 228 4108 - 1550
E-mail: poststelle@bafin.de

BaFin consumer telephone (free of charge)
for questions about regulated entities, consumer protection in the financial sector or if you are considering a complaint against a financial services provider:

Phone: 0800 2 100 500

BaFin Consumer Phone

Appeal

Forms: yes
Online procedure possible: yes
Written form required: yes
Personal appearance required: no

Process flow

You can complain to BaFin online or in writing by letter, fax or e-mail. Be sure to include this information in your letter:

Your name and address.
If you are complaining for another person, please also provide their name and address. In this case, attach a power of attorney that entitles you to lodge a complaint with BaFin on behalf of this other person. This also applies if, for example, you contact BaFin on behalf of your partner or other family members.
Name and address of the company you are complaining about.
If you complain about an insurance: the type of insurance, the number of the insurance certificate and, if applicable, the damage number.
If you complain about a credit or financial services institution: type of business relationship such as custody account, current account, savings contract, the account or customer number and, if applicable, the name of the account holder, if you are not yourself or complain on behalf of another person.
If your complaint concerns the purchase of securities, please also mention the securities identification number (WKN or ISIN).
Describe your problem as accurately as possible. Attach copies of the documents necessary to understand the case (contracts, statements, insurance policy or correspondence with the company concerned). Please do not send originals to BaFin.
Remember your signature. If you complain on behalf of another person, enclose the necessary power of attorney so that BaFin may also process this complaint.
If you send your complaint by e-mail, please remember to include your postal address in any case.
BaFin requests a statement from the company.
BaFin will inform you about the status of the procedure.