Obtaining a written statement

The companies supervised by BaFin are legally obliged to maintain an in-house complaints office which is responsible for examining all complaints objectively and appropriately. Companies must publish on their websites, in brochures or contract documents all the information that customers require in order to make a complaint, and ensure that the information is easily accessible. This includes the procedure for making complaints, such as deadlines or processing times, and information on how to contact the complaints office. In some cases, companies only provide this information if requested to do so by the customer or when the company confirms receipt of a complaint you have submitted. The procedure for handling complaints is free of charge.

BaFin recommends that you file your complaint in writing to the supervised company. Explain your grievance and your problem as precisely as possible. Important note: also ask the company to provide you with a written statement so that you have their decision in black and white for future reference.

Accept the solution offered or initiate further measures – you decide!

The company might propose a solution to you if it is interested in keeping you as a customer. It is then up to you to decide whether to accept their proposal or not. If in your opinion the decision fails to resolve your grievance, you can examine the option of taking further measures. When doing this, carefully consider the reasons for the company’s decision in order to better assess whether it makes sense to pursue the matter.

The company must provide you with detailed information about the options still open to you. One course of action is to use the services of out-of-court dispute resolution entities with which many banks and insurance companies cooperate. The company’s written statement is important if you opt for this course of action: many dispute resolution entities will only take up your case if you have already contacted the company about your problem and can evidence in writing that your complaint has been rejected.

You can also contact BaFin about your complaint. And of course consumers also have the right to take legal action, especially if other options have been exhausted. But before taking this step, you should consider the possible risks this might entail, such as the risk of having to incur legal and court expenses.