Bafin acquired considerably extra complaints from customers | EUROtoday

VConsumers complained to the monetary regulator Bafin considerably extra ceaselessly final yr than in 2022. As the monetary providers regulator in Bonn introduced, complaints elevated by 61.8 % in 2023. The principal motive for this are errors and omissions in customer support by banks, insurers and funding providers establishments. One credit score establishment particularly contributed considerably to the rise: Postbank.

Bafin acquired a complete of 38,233 complaints from clients final yr. A yr earlier there have been 23,630. The majority of customers complained about disruptions in customer support, issues with account cancellations, annual tax certificates issued late or impermissible charges in constructing financial savings contracts.

“A significant proportion of the complaints about disruptions in private customer service at banks came from a financial institution,” defined Christian Bock, head of the Bafin client safety division. He didn’t identify the financial institution. In September, Bafin pressured Postbank and its mum or dad firm Deutsche Bank to unravel issues with accounts and customer support after buyer complaints had piled up. The motive was that Postbank moved to a brand new Deutsche Bank platform.

Another motive for the rise in complaints is that Bafin is now a lot better recognized amongst customers, as Bock defined.

He emphasised how necessary the complaints are for Bafin in an effort to monitor down grievances: “If we have evidence that consumer protection regulations are being violated and many consumers are affected, we check whether and what measures we should take “can take action.”