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Can You Claim

Are You Able To Make A Financial Planners Compensation Claim?

Find out whether you are able to make a financial negligence claim against your financial planner in Australia

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What Is A Financial Planning Compensation Claim?

What is involved in a financial negligence compensation claim?

Financial planning involves developing tailored strategies to enable you to maximise and manage your capital. With many people now using a financial planner to run their capital and investments, the Australian government has had to change the laws in order to better regulate the industry. Financial advisers are now required to act in the best interest of their clients, however there are still cases where a financial adviser has acted in a negligent way. The law seeks to protect people in this situation, people who have suffered massive loss due to the negligent actions of their financial planner. If you have suffered a loss due to a financial planner, it is important that you talk to a lawyer as soon as possible.


The Obligations Of Your Financial Planner

Your financial planner owes you a duty of care

Financial planners must act in compliance with the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001, which includes:

  • Financial advisers must ensure they steer clear of immoral behaviour.
  • They must not conduct their business in a way that is misleading, deceptive or fraudulent.
  • A Financial Planner must have a reasonable foundation for the advice they offer to you.
  • The service they offer must be provided with due care and skill.
  • Financial adviser’s service must be offered honestly and without deceit.
  • You must be provided with a variety of documents that explain what you are getting into including guides and statements of advice.
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Instances Of Financial Negligence

What are some examples of financial negligence?

In order to know what to look for when considering action against your financial planner, you first need to understand what financial negligence involves. Some examples of financial negligence would include:

  • When your financial adviser has not inquired and obtained sufficient information about your personal and financial situation to find out if you are able to handle the risks.
  • Recommending financial pathways or investments when your personal situation doesn’t allow for such gambles or it is unsuitable for you.
  • When a financial planner recommends investments and strategies where they obtain a commission without the product benefiting you.
  • Recommending mass investment into one product rather than a spread across a variety of different strategies.
  • Not advising on all risks associated with the financial strategy.
  • Failure to provide alternative strategies for your consideration.
  • Not considering how the strategy could affect your retirement, specifically for older people.

Can I Make A Financial Planners Compensation Claim?

Are you in a position to make a financial negligence claim?

Now that you know what sorts of actions come under financial negligence, if you believe you have suffered one of the above or if you have suffered a loss due to misleading financial advice in another way, you could be entitled to make a claim. As a financial adviser owes you a duty of care you are able to make a claim against them. They owe you a duty of care as their profession involves giving advice that can have a negative effect on a person’s life. As you rely on their advice, failure to exercise reasonable care when providing advice is a breaking of the duty of care. When your financial adviser breaches their duty of care and you have lost capital due to this, you will be entitled to claim compensation. You should consider contacting a lawyer as soon as possible about making a claim. Call (02) 9011 7929 to discuss your financial negligence compensation claim with a solicitor.


It’s important to remember that not every financial adviser that loses you money has been negligent or broken their duty of care to you. Bad investment outcomes are simply a way of life and financial advisers cannot be held accountable for unforeseen fluctuations in the market. It’s always best to talk to a lawyer, going over your claim with them, before you make make a claim. Make sure you know whether you have a viable financial negligence claim before applying for compensation.


How Much Compensation Are You Entitled To?

What sort of compensation can you expect to receive?

If you are successful in your claim, usually you will be rewarded all the funds that you lost due to the investment. This includes any money you invested when trying to get back to your original financial position before the negligence. If your claim is less than $150,000 it may be possible to resolve your dispute through the Financial Ombudsman Service (FOS). A higher amount will require legal action against your planner. This is where it is important to seek a lawyer’s advice in order to claim compensation. The compensation will usually be paid out by the insurance company your financial planner is with. All financial planners are required to have insurance in order to legally practice.


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Contact A Financial Lawyer

Contact one of our recommended lawyers and get started on your claim today. Our suggested lawyers run on a no win, no fee policy, meaning if you don’t win your compensation case, you don’t pay anything. Contact a lawyer today and get expert advice and consultation before you enter a claim against your financial planner. Find a lawyer in your area or call (02) 9011 7929 today.

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