Germany’s BaFin disowns Zurich Private Capital Group

Germany’s BaFin disowns Zurich Private Capital Group

BaFin, the financial services regulator in Germany has raised an alert on Zurich Private Capital Group.

The regulator said Zurich Private Capital Group with alleged business addresses in Frankfurt am Main and Hong Kong and contact addresses in London, Dubai, Singapore, Mauritius, Mahe (Seychelles) and Mumbai offers services regarding “Savings, Investments, Capital Management” over the internet (zurichprivatecapital.com) is operating an illegal operation.

As a precaution the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) clarifies that “Zurich Private Capital Group” does not hold a licence pursuant to the German Banking Act to conduct banking business or provide financial services.

The regulator warned that the company is not under its supervision.