In a notice dated 3 March 2022, BaFin ordered IFS – International Financial Services, United States, to immediately cease its unauthorised investment broking, investment advice and portfolio management activities.
The company has been initiating unsolicited contact with former customers of Hillhouse Group stating that it has taken over the business activities of this company. Upon making contact with these persons, IFS – International Financial Services has been offering them broking services for shares and encouraging them to conclude an asset management agreement. The information provided on its website, ifs-global.com, which is also available in German, shows that the company also offers investment advice.
IFS – International Financial Services is therefore providing investment broking services under section 1 (1a) sentence 2 no. 1 of the German Banking Act (Kreditwesengesetz – KWG), investment advice under section 1 (1a) sentence 2 no. 1a of the KWG and portfolio management services under section 1 (1a) sentence 2 no. 3 of the KWG on a commercial basis. IFS – International Financial Services does not hold authorisation from BaFin as required under section 32 (1) sentence 1 of the KWG and is thus conducting unauthorised business.
Source: BAFIN
