What rights do I have as a customer in case of incorrect advice from the bank?
April 24, 2023 | 40,00 EUR | answered by Karl Böhm
Dear lawyer,
I am reaching out to you because I recently received incorrect advice from my bank and am now unsure about what rights I have as a customer in this situation.
The background is as follows: Some time ago, I had a consultation appointment with my bank regarding various financial products. During the conversation, I relied on the recommendations of the advisor and signed up for the corresponding products. Unfortunately, I have now realized that the advice was incorrect and as a result, I have suffered financial losses.
I am concerned about how I can legally protect myself in this situation and what options are available to me as a customer to address the incorrect advice. I would like to know if I am entitled to compensation and how I can claim it. Additionally, I am interested in whether I can challenge the contracts I signed due to the incorrect advice and how I can demand high-quality advice from my bank in the future.
I look forward to your expert assessment of my situation and ask for your support in asserting my rights as a customer in this matter.
Sincerely,
Bernd Heck
Dear Mr. Heck,
Thank you for your trust and your inquiry regarding the faulty advice provided by your bank. I am sorry to hear that you have suffered financial losses due to this advice. In such cases, it is important that you know your rights as a customer and how to address the faulty advice.
First and foremost, it is important to know that banks and their advisors are obligated to provide correct and comprehensive advice to their customers. This means that the advice must be tailored to the individual needs and risk tolerance of the customer. If this is not the case and the advice was faulty, you as a customer have various options to pursue against the bank.
In your case, you may have a claim for compensation. This means that the bank must compensate you for the financial damage you suffered due to the faulty advice. To pursue this claim, you should seek legal assistance to enforce your rights.
Furthermore, you may have the option to challenge the contracts that were concluded due to the faulty advice. It is important that the advice was so gravely faulty that you would not have entered into the contracts under different circumstances. Again, a lawyer can help you legally enforce the annulment of the contracts.
To demand high-quality advice from your bank in the future, make sure to clearly communicate your own needs and goals. You can also inform yourself about the legal requirements and obligations of banks to better assess whether the advice is correct and appropriate.
In conclusion, it is important to know your rights as a customer and to take decisive action in case of faulty advice. I recommend that you promptly contact a specialized lawyer in banking law to review and enforce your claims.
I hope this information has been helpful to you and I am available for further questions.
Sincerely,
Karl Böhm
Banking Lawyer
