Topic Consumer protection Consumer Advisory Council
Function and composition of the Consumer Advisory Council
The Consumer Advisory Council is responsible for advising BaFin on issues related to its supervisory duties from a consumer’s perspective. The Consumer Advisory Council collects, analyses and reports to BaFin data relating to current developments in the banking and insurance businesses and in the areas of financial services and financial instruments (“consumer trends”).
The Consumer Advisory Council comprises 12 representatives: three from academia, four from consumer and investor protection organisations, three from extrajudicial dispute resolution schemes, one from the Federal Ministry of Justice and Consumer Protection (Bundesministerium der Justiz und für Verbraucherschutz – BMJV) and one from trade unions.
Note on the Consumer Advisory Council
The Consumer Advisory Council is not responsible for accepting or replying to correspondence from members of the public or complaints. Information on how to complain to BaFin and further points of contact can be found here.