Home news Consumers complain more frequently about banks and insurance | TIME ONLINE

Consumers complain more frequently about banks and insurance | TIME ONLINE

Bank customers have increasingly turned to the financial services regulator Bafin with problems during the past year. The agency received a total of 5,539 official complaints to banks and financial service providers in 2018, as Bafin announced. The year before, it was still slightly less at 5,425. Including general inquiries, the number totaled 5,791 cases last year after 5,587 a year ago.

Consumers complained, for example, about the terms of transfers. Often they asked the Bafin
 Also, to consider whether banks rightfully refused funding requests or
 Terminated business relations. The subject of submissions was often the admissibility and amount of fees. There were particularly many consumer complaints and inquiries to securities transactions, which rose according to Bafin by almost 30 percent compared to 2017. Part of the cases related to the new EU Financial Markets Directive Mifid II, which has been in force since 3 January 2018 in Germany.

Since then, banks have had to record each phone call of a client with a securities advisor and archive it for at least five years. In addition, customers need to be given an accurate list of how much they cost a financial product. In the first few months of Mifid II, customers complained to Bafin, for example, about limited trading opportunities. In some cases, the required information sheets were initially missing for products.

Significantly more complaints were also about insurance. The number of entries increased from 7,367 in 2017 to 8,097. Customers mainly complained about rising private health insurance premiums, car insurance tariff changes or life insurer plans to sell policies in inventory to other vendors.

The Bafin oversees together with the Bundesbank
1,500 smaller and medium-sized banks in Germany and is also for
responsible for insurance supervision. The Bafin can on the respective
Influence institutions and bring about changes for the benefit of customers.

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