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A financial planning compensation claim is a way for people to claim money back from negligent financial advice they have received. It also extends to business advice, wealth creation advice, taxation and accountancy advice.
A financial adviser can be negligent in a number of different ways, its important to know what to look for when considering a negligence claim:
For a claim to be successful and to be compensated for negligence you need to prove that:
There are a number of aspects that you need to make a successful claim. As such there are a few more questions you need to ask before you decide to make a claim against your financial adviser:
You might be wondering who pays if you win your case? Can an adviser afford this? Most financial advisers have Professional Indemnity Insurance, so your payment will come from the insurance company your financial adviser is registered with. It’s important to consider that not all financial advisers will have Professional Indemnity Insurance and may be unable to pay out your fee. If your financial planner has been fraudulent but doesn’t have insurance, it can be hard to make a claim as they will be unable to pay it out.
If your claim is successful, the insurance company should return you to the financial position you were in before you suffered a loss due to your financial adviser. It can also include any loss you have suffered from trying to fix the problem, such as further investing or loans you were forced to take out.
Each claim is different and the amount you claim back can depend on the evidence given. It is hard to estimate the time frame it would usually take to finish a claim, but it is usually around 2 years after first contact with a lawyer. You need to make a claim within 6 years of incurring the financial losses.
You are owed a duty of care from your financial adviser as they are expected to act professionally and in your interests in their profession. You see a financial planner to get advice that you believe you can trust. A financial planner breaking that trust is not acting in your interests as well as not doing their job properly.
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.