Eternity Law International — News — What doesn’t BaFin do?

What doesn’t BaFin do?

Published:
November 2, 2022

The Federal Financial Supervisory Authority, better known by its abbreviation BaFin, oversees banking institutions, FSPs, private insurance firms, and securities dealers. This authority is also in charge of ensuring consumer security in these fields. But there are certain legit restrictions to the extent to which BaFin is mandated to help customers. Figure out the sectors which BaFin is not able to deal with and who to reach out instead here.

Oversight of insurance undertakings

In terms of insurances, BaFin supervises solely private ones. So, if you have any questions in the respect of care insurance, it is advisable to contact to Federal Office for Social Security.

Legal restrictions to data from BaFin

There is a plethora of issues that BaFin is not permitted to answer for legal reasons. For example, BaFin may not give any advice and exclusively in rare cases is BaFin eligible to make warnings to consumers about certain companies. This authority cannot tell you where to get the loans with the most favorable terms. Also, there will be no pieces of advice as to which securities you should buy or not.

Consumers often communicate with BaFin aiming to clarify whether their funds are safe with a certain firm or insurance or whether a company can be trusted. Again, BaFin may not recommend and give value judgments in such cases. What it is allowed to disclose the data on is whether a company holds authorization from BaFin and which guarantee structures are available for banking institutions or insurances.

Who can answer your questions if not BaFin?

We prepared a brief list of people and organizations able to assist with questions that BaFin is not allowed to answer for legal reasons.

  • Do comparative analyses before using products: One of the organizations delivering data on a number of the above questions that go beyond the BaFin remit is Stiftung Warentest. It offers comparative analyses of different financial goods. Consumer centers also give personal recommendations.
  • Report on false statements in marketing: Any complaints in terms of the promotion of FSPs may be sent to the Center for Protection against Unfair Competition.
  • Support in case of financial troubles: If you are at risk of financial obstacles or if you are already having them, a debt advice center may be able to give a helping hand. However, it is important to be careful to make sure that any organization you may contact about your problems has a good reputation.
  • What if I need a legal practitioner: If you are engaged in a legal dispute, you should look for legal advice. If your financial situation is not sufficient to do this, you can claim assistance under the Legal Advice Scheme Act.
  • Contact your insurance advisers: If you require advice in detail on insurance, you can contact an insurance adviser. It is essential to ensure that this specialist has authorization to run their activities. Also, be mindful that advisers are not mandated to operate as insurance agents as they must be independent of insurances.

Please contact us to get more information.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

You could be interested

Crypto regulation in Seychelles 2023

Legal frames under which crypto regulation in Seychelles is performed, establishes fairly loyal conditions for ICO projects. Here, digital assets are not a currency and are not considered a payment instrument that is offered by financial firms. But at the same time, cryptocoins are more widely used locally. Thus, cryptocurrency is legal in Seychelles and...

Hong Kong Fintech Week 2023

This years Financial Technology Week marked a significant juncture, providing insights into the trajectory of a dynamic financial future characterized by unprecedented policy and regulatory announcements. This comprehensive exploration delves into the pivotal developments that unfolded during this groundbreaking event. Securities and Futures Commission (SFC) Initiatives: Tokenised Securities-Related Activities: The SFC’s Circular on Tokenised Securities-Related...

What is the FCA?

The Financial Conduct Authority (FCA) is a monetary administrative body in the United Kingdom, however it works freely of the UK Government, and is financed by charging expenses to individuals from the monetary administrations industry. The FCA manages monetary firms offering types of assistance to buyers and keeps up the uprightness of the monetary business...

Real time business

CONFIDENTIALITY The issue of disclosing personal customer data in business in real time is always relevant. Many companies that have neglected this issue have now ceased to exist. It’s all about losing reputation and customer confidence. So it turns out that confidentiality is a prerequisite for the stable development of the business. Especially when it...

Registration of Additional Liability Company

The companies with additional liability are formed in the event of a combination of equity capital by the founders, the number of which is limited. A distinctive feature of such an enterprise is the subsidiary liability of the founders of the ALC for the approved obligations of the established enterprise. Its size is clearly fixed...

Permanent residence permit

Only by observing certain requirements, you can get a residence permit. They should be read in order to have an understanding of how to get a positive result in solving the resulting problem in the future. If you have any questions and need advice, you can contact a lawyer. He will help you understand this...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.
+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360