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