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Practices Of A Fraudulent Or Negligent Financial Adviser

What do you need to look for when taking financial advice from a financial planner? Protect yourself from fraudulent or negligent behaviour from your financial planner from Sydney to Brisbane

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The Law And Financial Negligence In Australia

Recognise when your financial adviser is acting in a fraudulent or negligent way

When dealing with financial advisers, you should always check and double check whether the advice they are giving you is right for your situation and financial circumstances. The Corporations Act states that a person or business that carries out financial services must be licensed to do so. Under the act the financial adviser owes a duty of care when they offer financial advice or products to consumers. It is unlawful to provide fraudulent or negligent advice. It is also in the trade practices act which says, “A corporation shall not, in trade or commerce, engage in conduct that is misleading or deceptive or is likely to mislead or deceive” (Section 12DA of the Australian Securities and Investments Commission Act 2001). The Financial Advisers Register provides a full list of all registered financial advisers.

Negligent Financial Planning

What is negligent financial planning? Understanding financial negligence

Negligence is when a financial planner’s advice is made; knowingly; not believing that the investment could work out; or irresponsibly and recklessly whether it be true or false. Basically the financial planner had no belief in the truth of the statements, written or spoken, that they gave to their client. It can also be reckless, meaning that the planner was indifferent to the truth and negligent in their research and advice. This is different to fraudulent advice where a planner baits you into taking incorrect advice. As a financial planner has a duty of care towards you, you are able to claim any losses caused by this through your financial advisers insurance. All financial advisers should have insurance who will pay damages to you if they are proven to be negligent.

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Fraudulent Financial Advice

What is fraudulent financial advice? What to do if your adviser has been fraudulent

Fraudulent financial advice from a financial planner is where your planner knowingly gave you advice they knew to be false and with the intention that you, the person receiving the advice, would use it. In these cases you can sue in deceit, as the financial adviser has knowingly mislead you and has usually profited from doing this. This is a serious criminal offence and can also be taken to the police, with the financial practitioner often receiving jail time. If you feel you have been a victim of fraudulent financial advice you should talk to the police for criminal charges as well as a lawyer about potential compensation. Obviously fraudulent financial advice is a lot more serious, as it involves the financial adviser acting in an unlawful manor, which can affect more than just you, but other clients they may have as well. They are essentially acting in a way that benefits only them and take money deceitfully from their clients.

Resolving Disputes With Your Financial Adviser

How can you tell if you’re financial planner is acting in fraudulent or negligent way?

If you feel uncomfortable with the advice and feel it may over extend your funds, you might want to reconsider the financial planner you are seeing. The best way to avoid having to take legal action against a financial adviser is by noticing their negligent behaviour and not using their advice. Of course this isn’t always possible as we expect financial planners to be honest and are not as skilled or knowledgeable as they are in the financial field. The main way you can tell is if you feel the advice is over extending your capital and you feel it might leave you vulnerable if the venture fails. Seek advice from another financial adviser and ask them if they believe the advice to be professional and a right amount of risk for you.

Financial Advice From Non-Financial Advisers

What happens if you receive deceptive advice from someone who is not a financial adviser?

If a person or company has given you advice which you have followed and made a loss on, but they are not representing themselves as a financial planner or otherwise, you cannot make a claim against them as they did not imply they were a professional financier. A person giving advice that is not a financial planner has no obligation to be fully aware of your circumstances and is not necessarily skilled in the financial planning field. So if you do take advice from a person who is not representing themselves as a financial planner then you do so without an option to take action against them in the future.


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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.