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German regulator has its ‘identity stolen’

Monday 18 October 2010 - by Will Henley

The Federal Financial Supervisory Authority of Germany has been forced to scotch suggestions that there is a rival “Frankfurt” financial authority.

In a bizarre turn of events, German officials had to categorically deny late last week that a separate regulator with powers of oversight had been established after a website was set up claiming to be the “Frankfurt Financial Supervisory Authority”.

In a press statement, the authority reassured website users that it alone was responsible for the licensing and supervision of banks, financial service providers, insurance companies and securities trading.

It said: “The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) points out that no public authority named 'Frankfurt Financial Supervisory Authority' exists in Germany.

'Frankfurt Financial Supervisory Authority' claims on its website to be Germany’s "Primary Financial Supervisory Authority", but there is no financial supervisory authority under this name in Germany.”


The regulator has its offices located in both Bonn and Frankfurt.


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