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Credit institutions and financial services companies; requesting arbitration in the event of a dispute

Are you in conflict with a bank or financial services company? Then under certain circumstances you can turn to the conciliation body of the Federal Financial Supervisory Authority (BaFin).

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Online services

Responsible for you

Bundesanstalt für Finanzdienstleistungsaufsicht

Street address

Graurheindorfer Str. 108
53117 Bonn

Postal address

Postfach 1253

53002 Bonn

Website

www.bafin.de

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Procedure details

Consumers can resolve disputes with companies out of court. There are dispute resolution bodies for this purpose, where lawyers strive for independent and impartial conflict resolution. The Federal Financial Supervisory Authority (BaFin) operates such a dispute resolution body, which takes action in the event of conflicts with banks and financial services companies. However, this body is a catch-all arbitration board. It will only act if no other recognized dispute resolution body is responsible for your case.


Before contacting BaFin's dispute resolution body, please check whether none of the other recognized dispute resolution bodies is responsible for your case. These so-called consumer arbitration boards are recognized by the Federal Office of Justice (BfJ) and operate within a defined area of jurisdiction. You can find the consumer arbitration boards on the subject of finance with their specific areas of responsibility on the BfJ website. You will find the link to the site in the "Further information" section. If none of the consumer arbitration boards is responsible for your case, you can submit an application for dispute resolution to BaFin.

The opening of the conciliation proceedings is only possible if

  • a sufficient request has been made
  • the conciliation body is responsible for the dispute
  • no proceedings have yet been filed with a consumer arbitration board for the same dispute or have already been carried out
  • in the case of a dispute concerning the right to conclude a basic account agreement, no administrative proceedings are pending and no final decision on the claim has been reached in such proceedings
  • the dispute has not been decided by a court by way of a judgment on the merits of the case
  • the dispute has not been submitted to a court
  • the dispute has not been settled by compromise or in any other way
  • an application for legal aid in respect of the dispute has not been rejected because the intended legal action did not offer sufficient prospect of success or appeared to be arbitrary

  • Required Documents

    Please include any documentation necessary to understand the dispute, such as

    • Correspondence
    • Terms and conditions of the contract
    • Cost calculations

Before a conciliation procedure is initiated, you must submit an application to the Federal Financial Supervisory Authority (BaFin).

  • Go to the BaFin website and open the "Request for conciliation" form.
  • Fill out the form completely. This can be done using the online form, on the computer or by hand. In the form, state what you accuse the company of and what you want to achieve with your arbitration request.
  • If necessary, print out the form and sign it.
  • Attach or upload the supplementary documents and send it to BaFin's dispute resolution body. You can send the application online, by e-mail, by fax or by mail.
  • After receiving the application, BaFin will check whether it is responsible for dispute resolution in your case.
    • If BaFin is competent, you will receive an acknowledgement of receipt and your documents will be reviewed.
    • If BaFin is not competent, you will be informed. If necessary, BaFin will forward your case to the responsible consumer arbitration body if a body can be assigned.
  • You will receive written notification of the admission of the dispute resolution procedure or a rejection with reasons.
  • If your request for conciliation is admitted, the BaFin conciliation body will contact the company with which you are in conflict and ask for a statement on the case.
  • In the best case, the company will then say that it agrees to your demands and the conciliation procedure is over.
  • If the company does not agree, you have the opportunity to submit additional comments.
  • Once the conciliation body has received all the necessary documents, the conciliator draws up a conciliation proposal. This is presented to both parties, i.e. you and the company. Both parties must decide whether they agree to the proposal.
  • The conciliation board informs you of the result. This concludes the proceedings.
  • If you are not satisfied with the outcome of the conciliation, you are free to take legal action against the company.

Note: The conciliation procedure is free of charge for consumers. However, out-of-pocket expenses such as postage, telephone charges, copies or attorney's fees are not reimbursed. The conciliation body generally charges a fee of EUR 200.00 from the companies involved.

  • in the event of an incorrect application: BaFin gives you the opportunity to correct any deficiencies in the application within 1 month.
  • The company has 1 month to respond to your conciliation request.
  • If the company states that it does not comply with your application, you have the opportunity to submit additional comments within 1 month.
  • If you have received the conciliation proposal, you have 6 weeks to inform the conciliation body whether you wish to accept it or not.

As soon as the conciliator has all the necessary documents, he or she shall notify the parties involved and prepare a conciliation proposal within 90 days.

There are no legal remedies available to you against the decision of a conciliator.

However, if you are not satisfied with the outcome of the conciliation, it is open to you to take legal action against the company.

Status: 03.03.2024
Editorially responsible for prodecure description: Bundesministerium der Finanzen
Source: Federal Portal