Erscheinung:19.09.2024 | Topic Unauthorised business, Consumer protection BaFin warns consumers about the website spar-investment.com
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website spar-investment.com. The website operators offer to broker term deposits with international banks. However, the operators do not have authorisation under the German Banking Act (Kreditwesengesetz – KWG) or the German Investment Firm Act (Wertpapierinstitutsgesetz – WpIG).
The operators of the website refer to themselves only as “Spar Investment” without stating the company’s legal form and give a business address in Madrid, Spain. They claim that their business relations with customers are subject to German law.
Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
Please be aware:
BaFin warns consumers about fraudulent term deposit offers.
You can view BaFin’s current warnings about companies operating without the required authorisation and find out how to protect yourself from fraudsters on the financial market in the “Recognising financial fraud” section of our website.
