What are my rights if my bank illegally forces a specific financial product on me?
May 10, 2023 | 40,00 EUR | answered by Alwin Reuter
Dear lawyer specializing in banking law,
I am reaching out to you because I recently discovered that my bank has imposed a specific financial product on me without my permission. My name is Alexander Werner, I am 36 years old, and I have been a customer of this bank for many years. I have a current account, a savings account, and several other products with this bank that I regularly use.
A few weeks ago, my bank advisor contacted me and recommended a new financial product to me. He explained that this product would be beneficial for me and would bring me more returns. Trusting my advisor, I agreed to the purchase of the product.
However, in the meantime, I have researched and found that this financial product does not align with my investment goals and risk tolerance. I feel deceived by my bank and am concerned that I may suffer financial losses.
Therefore, my question to you is: What are my rights in this situation if my bank imposes a specific financial product on me without my consent? What legal steps can I take to protect my money and potentially receive compensation? I kindly ask for your legal assessment and possible solutions.
Thank you in advance for your support.
Sincerely,
Alexander Werner
Dear Mr. Werner,
Thank you for your inquiry regarding the unauthorized imposition of a financial product by your bank. I am sorry to hear that you have found yourself in such a situation, but I will do my best to assist you in this matter.
In Germany, the principle of freedom of contract applies, which means that contracts must generally be entered into voluntarily and with the consent of both parties. If your bank has imposed a financial product on you that does not align with your investment goals and risk tolerance, this could be considered as an unauthorized act on the part of the bank.
In such a case, you have various legal options to protect yourself and potentially seek damages. First and foremost, you should inform your bank in writing of your dissatisfaction and request the reversal of the contract. If the bank refuses, you can consult a lawyer specializing in banking law to enforce your claims.
Another option would be to contact the consumer protection agency or the Federal Financial Supervisory Authority (BaFin). These institutions can assist you and inform you about your rights as a consumer.
If you have suffered financial losses, you may also be able to claim damages. It is important to gather all relevant documents and seek advice from a lawyer to successfully enforce your claims.
In summary, as a consumer, you are legally protected and your bank must adhere to certain rules when it comes to advising and selling financial products. If you feel that your bank has violated these rules, you should definitely take legal action to protect your money and potentially seek damages.
I hope these information are helpful to you and I am at your disposal to answer any further questions or to assist you in legal proceedings.
Sincerely,
Alwin Reuter
Lawyer specializing in banking law
