Help with Misadvice
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Incorrect advice – annoying and expensive
Were you given poor advice? Was your advisor only thinking about the commission? Incorrect advice is not only annoying, but can also result in high costs. However, in the area of investor law, trust is not the only priority. As an investor, you benefit from strong investor protection. Numerous legal regulations protect you from financial advisors who recommend unsuitable financial products. As experts in banking and capital market law, we advise you on how to successfully assert your claim for damages.
Enforce legal claims in just 3 steps
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commissioning
Give us your mandate easily and conveniently via online form from home.
1lawsuit & trial
We will take care of all the remaining steps for you. Sit back and relax.
2Success
We will successfully enforce your claim and you can enjoy the success immediately.
3Misadvice – Important aspects you should consider
To enforce your claim for damages in the event of incorrect advice, you should know the following:
Who provides investment advice?
Investment advice can be provided by credit institutions such as banks and savings banks or by licensed advisors under an advisory contract. An advisory contract can be concluded informally.
When is incorrect advice given?
Misadvice occurs when the advisor violates their obligations to provide information, record keeping, and disclosure. According to the German Banking Act (KWG) and the German Securities Trading Act (WpHG), investment advice exists when a personal recommendation regarding financial instruments is provided that is tailored to the investor's individual circumstances. The advisor must provide the information completely, truthfully, and clearly.
Duties of the consultant
The advisor must inquire about the client's personal financial circumstances, investment goals, and risk tolerance and recommend a suitable product. They must also inform the client about any commissions. Incorrect advice is impossible if the client already has comprehensive knowledge of the investment products.
Brochures and their significance
A prospectus can compensate for errors in advice, but it must be submitted before investing in stocks or funds. Inaccuracies in the prospectus can also constitute incorrect advice under prospectus liability.
Advisory duties of the advisor
- Duty to inform: The advisor must provide the client with all necessary information in a timely manner so that the client can make an informed decision.
- Duty to provide information: The advisor is obliged to obtain comprehensive information about the client’s financial circumstances, investment objectives and risk tolerance.
- Record-keeping obligation: A consultation protocol must be drawn up after each consultation.
Damage and claim for damages
The right to compensation arises from the German Civil Code (BGB) in conjunction with the Securities Trading Act (WpHG). Damages can only be claimed if a valid consulting or banking agreement exists. Damages include:
- the original investment amount
- lost interest that would hypothetically have been earned with another investment
Burden of proof
The client must provide evidence of the incorrect advice. In the case of intentional incorrect advice, the burden of proof is reduced in favor of the investor if the advisor knowingly provided incorrect information despite knowing of the possibility of errors.
deadlines
The claim for damages expires after the general limitation period of three years. The limitation period begins at the time the claim arose and the investor became aware of it. If the advisor acted intentionally, the limitation period is extended to ten years.
We will take care of your case – quickly & with commitment.
How we help with incorrect advice
If incorrect advice costs you not only your nerves but also your money, we're here to help. With our extensive experience, we offer sound advice that informs you of your legal options and the most economically viable course of action. We draw on our in-depth knowledge of investment law.
Acting quickly is crucial, as deadlines often apply. Therefore, contact us as soon as possible to file your claim in a timely manner. However, in some cases, you may have up to 10 years to review and enforce your claim. Therefore, it's important to have your claim reviewed as early as possible.
Make sure you have all relevant documents available. This includes brochures, correspondence, minutes, and deposit slips. If another person was present during the consultation—such as a spouse, relative, or other companion—their testimony may also be important.
As your experienced lawyers in the field of banking and capital markets law, we will help you take action against incorrect investment advice and successfully enforce your claims!
More than
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Over
25.000
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Many years of practical experience at your side
From our practical experience, we know that banking law and capital market law can be complex and difficult to understand. With us at your side, you can always keep track of your rights and obligations. Thanks to our many years of experience, we can offer you competent advice and representation - from investment advice to the right of withdrawal. We know the legal ways you can successfully defend yourself against the bank. Since short deadlines apply in many cases, it is important that you contact us quickly. Use our initial consultation for this.
As soon as you become our client, we will take on your case immediately. As lawyers specializing in banking and capital market law, we will of course always work with you in confidence. Together, we will work to realize your wishes and needs within the scope of legal possibilities.
If your bank becomes a problem, it can be expensive for you. As experienced lawyers in banking and capital market law, we are at your side in all matters and represent your interests.
Professional advice & support
We offer you professional and comprehensive initial advice in the area of banking and capital market law. Take advantage of your opportunity and avoid mistakes.
