Complaints about supervised companies

Would you like to make a complaint about your bank or insurer? Complaints can be submitted to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin). The following sections provide information on how to submit a complaint to BaFin.

When, however, does it make sense to lodge a complaint with BaFin? Your complaint will help us to understand the problems being faced by customers within the financial sector. Oftentimes, however, other bodies will be better able to assist you.

BaFin cannot provide case-specific assistance to consumers in relation to their individual rights. We are responsible solely for collective consumer protection. This means that BaFin protects consumers as a whole in the financial market.

If BaFin has reason to believe that consumer protection requirements are potentially being violated in a manner that affects a large number of consumers, it assesses whether it can take action and what measures are possible. The protection of individual consumers is nevertheless not the responsibility of BaFin. Such matters are dealt with by ombudspersons, dispute resolution entities and the courts.

Only court rulings are binding

Only a court of law may issue legally binding decisions on matters of dispute and, for example, hand down judgements ordering companies to make payments. In contrast to this, BaFin may not issue legally binding decisions on disputes in individual cases.

BaFin also does not provide general legal advice. By law, only certain professions, in particular lawyers, are authorised to provide such legal advice. Consumer protection organisations may also provide support in relation to legal matters. BaFin is furthermore not authorised to provide assessments on general legal matters for consumers.

Lodging a complaint with the company itself

If you are unsatisfied with your bank or insurer, you should always raise the matter in writing with the company and request a written statement from them. The bank or insurer may offer a solution. It will then be up to you to decide whether to accept their proposal or not. You should think carefully about the reasons for your decision here. This will make it easier to determine whether it is worthwhile pursuing the matter further.

Making a complaint about a supervised company

If you believe that your bank or insurer has not acted in accordance with the requirements, you can lodge a complaint with BaFin. You can submit your complaint to BaFin using an online form (only available in German).

BaFin can only examine your complaint if it supervises the company concerned. BaFin is not the competent authority for supervising health, accident or pension insurers. Some insurance companies that only have regional operations are supervised by the federal states rather than by BaFin. Stock exchange supervision is likewise the responsibility of the federal states. BaFin is also not responsible for supervising financial services providers that conduct business that does not require authorisation under the German Banking Act (Kreditwesengesetz – KWG), e.g. investment fund brokers. Our database of companies provides a complete list of the companies supervised by BaFin.

How BaFin examines your complaint

BaFin examines your complaint based on the documentation submitted and, where appropriate, requests that the company concerned comment on the matter. BaFin assesses such statements in relation to supervisory law. BaFin cannot disclose the results of supervisory assessments due to its confidentiality obligations.

However, you will receive a final letter from BaFin once we have finished processing your complaint. If BaFin requests a statement from the company concerned, it may take some time for us to receive and examine it. It usually takes up to three months to process such cases, although it may take longer in some instances.

Always meet your deadlines regardless of complaints

Please bear in mind that if you submit a complaint to BaFin, it does not affect any legal or contractual deadlines. Therefore, you should not disregard any payment or reporting deadlines, periods of limitation or other such requirements – even if BaFin is examining your complaint. If you are uncertain, a lawyer can provide you with advice.

Complaints regarding Pan-European Personal Pension Products (PEPP)

PEPP customers as well as other interested parties, including consumer associations, can submit complaints to BaFin with regard to PEPP providers’ and PEPP distributors’ alleged infringements of the PEPP regulation.

In cases that concern more than one Member State, the complainant may choose to lodge his or her complaint through the competent authorities of his or her Member State of residence, regardless of where the infringement occurred.

Complaints about companies operating without authorisation

Anyone in Germany wishing to conduct banking business or insurance business or provide financial services, payment or e-money services requires authorisation from BaFin. On our database of companies, you can find out whether a company has the required authorisation from BaFin.

You can also contact BaFin if you have reason to believe that a company is operating such business without the required authorisation from BaFin. BaFin is grateful for the information you can provide. Please send your submissions by letter, fax or e-mail with the accompanying documents to:

Bundesanstalt für Finanzdienstleistungsaufsicht
Abteilung IF
Graurheindorfer Straße 108
53117 Bonn
Fax: + 49 (0) 228 4108-1550
E-mail: if@bafin.de

Contact point for whistleblowers and market participants

If, however, you have specific knowledge, information or other such data on the internal affairs of a certain company and would like to pass this on anonymously because, for example, you are an employee or distribution partner of that company and therefore wish to conceal your identity, please get in touch with our contact point for whistleblowers.

If you are a market participant – e.g. an insider, short seller or financial market expert – and would like to provide important information to BaFin (non-anonymised), please get in touch with the Market Contact Group (MCG).