How do I find the wrong advisor
Wrong advice: What are the options for wrong advice?
An investment advisor comes his way Disclosure obligations not after, his advice is considered bad and / or wrong. According to the Securities Trading Act, credit institutions are obliged to take investment advice conscientiously. This means that the advisor must not withhold the risk of losing your capital and not exaggerate the potential for returns. In addition, the investment advisor must avoid conflicts between your interests and his own, such as his commission. If a conflict of interest does arise, the interests of the client - that is, yours - take precedence over the interests of the investment advisor. This means that your bank advisor must not advise you to buy securities that are riskier just because it will earn them more commission. In a correctly conducted consultation, he must therefore clearly point out all fees incurred, his commission (s), fees and expenses.
In addition, your bank advisor must also consider how much your Willingness to take risks is. No speculative offers may be made to risk-averse customers. Especially not if the customer wants to invest money for his retirement provision.
Particularly risky products include:
- Real estate funds
- Investment funds
- Oil fund
- Ship funds
In addition, a Record-keeping introduced: For every consultation with private customers, the consultant must write a consultation protocol and send it to the customer. The burden of proof in the event of incorrect advice lies with the customer. This means: If you want to sue your bank for incorrect advice, you must use the advice protocol to prove that the bank advisor has failed to provide information.
Compensation for wrong advice: Which limitation period must be observed?
If you have been the victim of incorrect advice, you are entitled to damages: You can request the repayment of the paid-in capital. You are also entitled to have your lost profit reimbursed.
Generally you need wrong advice show within three years. Otherwise the advisory error is statute-barred. However, the Federal Court of Justice ruled in 2007 that the The three-year limitation period only begins when you notice the wrong advice. However, when exactly a customer would have been able to discover incorrect advice cannot be generally determined. It always differs from case to case.
Who is liable for wrong advice?
In general, a bank or savings bank is only liable in the event of incorrect advice if there is a so-called between the credit institution and the customer Consulting contract has been closed. However, this contract does not have to be recorded in writing. A consulting contract is already considered concluded when financial consulting actually takes place.
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