BaFin order: Check24 must stop credit protection campaign

The comparison portal is involved in the insurance business, especially car insurance. When it comes to promotions and promises, there are always disputes with insurers and brokers. Now Bafin Check24 has responded.

In the summer, Check24 ran a campaign in which borrowers received free loan protection for two weeks. If borrowers become unemployed through no fault of their own in the first six months after completion, Check24 promised to accept up to six loan installments. The Federal Financial Supervision Authority (Bafin) classified this as an insurance business, for which the portal lacks permission.

Therefore, the Bafin ordered the suspension of this insurance business, as announced on Monday. According to Bafin, the decision was issued on August 5 that it was final.

Closed contracts not affected

According to Check24, contracts that have already been concluded are not affected by Bafin’s order; payments must continue to be made to them if the worst happens. A spokesperson did not say exactly how many such contracts were concluded on Monday, but the number is not particularly large.

The financial supervisory authority prohibits the comparison portal from offering its own insurance services. However, insurance mediation is still allowed, Check24 emphasized.

Check24 mixes the insurance business

The comparison portal is taking more and more market shares from classic insurers and brokers. Check24 is even the market leader for motor vehicle policies. Time and time again disputes arise between Check24 and traditional insurers, ending up in court. At the end of April, for example, the district court of Cologne banned the Check24 “guarantee nowhere cheaper”. Advertising is misleading. In February, the Munich Regional Court prohibited the comparison portal from offering so-called “anniversary offers” when purchasing insurance.

nb / dpa-AFX

Those: boerse.ard.de