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Making A Financial Advice Compensation Claim

Are you able to make a compensation claim against your financial adviser? Know what to look for when considering actions against financial planners.

Claims - Making a claim

When Can I Claim?

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:

  1. Margin loans – Have you been advised to take out a loan that you cannot afford or that is not a realistic option?
  2. Options and investments – Where an investment or strategy that was suggested to you does not fit your circumstances or you are unfamiliar with the financial products involved.
  3. Capitalising interest on loans – Were you were advised not to make repayments on your loan and are unable to afford the monthly interest repayments as a result?
  4. Investments into bad funds or shares – Were you advised to invest into funds or shares were the product they offered was defective or worthless?
  5. Fraudulent planning – Did your financial adviser benefit from your investment, where your investment then failed?
  6. Real estate – Were you advised to invest in real estate when it was out of your budget or the real estate suggested and purchased wasn’t profitable?

For a claim to be successful and to be compensated for negligence you need to prove that:

  • You were owed a duty of care from your financial planner.
  • That other advisers wouldn’t have given the same or similar advice to your circumstances.
  • That you suffered financial loss due to your financial planners actions.

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:

  • Were you fully aware of the risks you were undertaking?
  • Were you offered other investment options?
  • Did your personal circumstances allow for this advice?
  • How much are you looking to claim?
  • Were the risks properly explained and fully understood?
  • Would another planner give the same advice?
  • What was the full result of the bad advice given?

Process Of A Financial Negligence Claim

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.

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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.