Wave of customer complaints from German banks

According to the economic group Iran is an economist According to Reuters, Germany’s Federal Financial Supervisory Authority (BaFin) has stepped up its efforts to protect customers in the wake of the Wirecard collapse. Wirecard is a German electronic payment service company that suffered an accounting scandal.

Germany’s Federal Financial Supervisory Authority received 15,000 customer complaints about banks and other financial service providers in Europe’s largest economy last year, up from 12,500 in 2021 and for the fourth consecutive year.

According to officials, bankers and consumer protection advocates, problems for customers of banks and financial institutions include long processing times for account closures, changing terms and conditions and shrinking branch networks.

Confidence in the German financial sector, which is essential to promote greater financial stability and attract capital to support economic growth, is lower than the global average and higher than major markets such as Canada, a survey by British market research firm YouGov found last year. Australia and Asia are behind.