Muzzle on billion-dollar financial fraud under BaFin supervision

The Federal Financial Supervisory Authority (BaFin) celebrates a decision of the Administrative Court of Minden (decision of 17.12.2010, ref. 10 L 690/10) as a triumph – however, it is probably rather an admission of hopeless overstrain? Defrauded investors should not under any circumstances hope for financial supervision – it protects the existence of financial institutions, […]

Initiatoren-Begleitung und Controlling: Lack of BaFin approval with punishment ? Reversal trap in distribution law

*by Johannes Fiala, lawyer (Munich), MBA Financial Services (Univ.Wales), MM (Univ.), certified financial and investment advisor (A.F.A.), banker (www.fiala.de) For initiators and distributors it is of crucial importance that all necessary permits are available ? including audited prospectuses. However, there are always initiators who are badly advised or not advised at all. So it comes […]

Intermediary and sales coaching for closed investments: BaFin prospectus up-to-dateness and prospectus liability of insurance companies

*by Johannes Fiala, Lawyer (Munich), MBA Financial Services (Univ.Wales), MM (Univ.), Certified Financial and Investment Advisor (A.F.A.), EC Expert (C.I.F.E.), Lecturer (Univ. of Cooperative Education), Banker (www.fiala.de) He who knows nothing must believe everything.” (Marie von Ebner-Eschenbach) For the financial service provider, the BGH stipulated in its ruling of 13.01.2000 (Ref. III ZR 62/99) that […]

Initiator support and controlling: When BaFin prohibits PKV sales and orders liquidation

*by Johannes Fiala, lawyer (Munich), MBA Financial Services (Univ.Wales), MM (Univ.), certified financial and investment advisor (A.F.A.), banker (www.fiala.de) and Dipl.-Math. Peter A. Schramm, actuary DAV (Diethardt), actuarial expert (www.pkv-gutachter.de) For initiators and distributors it is of crucial importance that all necessary permits are available ? including audited prospectuses. However, there are always initiators who […]

Initiatoren-Begleitung und Controlling: Lack of BaFin approval with punishment ? Reversal trap in distribution law ?

*by Johannes Fiala, Attorney at Law (Munich), MBA Financial Services (Univ.Wales), MM (Univ.), Chartered Financial and Investment Adviser (A.F.A.), Banker (www.fiala.de) For initiators and distributors it is of crucial importance that all necessary permits are available ? included tested Brochures. However, there are always initiators who are poor or even are not advised. And so […]

Lawyer for distribution law in Munich

The distribution right as a framework for determining sales In a world oriented towards sales and distribution, with internationally organized markets and global exchange of goods, the distribution law forms the legal framework for regulating the distribution of goods at the national and international level. The distribution law does not describe a “set of legal […]

Training liability in insurance, capital investment and bank sales

Why training and sales managers are personally liable in private health insurance sales. An analysis by attorney Dr. Johannes Fiala and mathematician Peter A. Schramm.   Landauf Landab insurance brokers, independent financial service providers and bank advisors complain that at sales events held by trainers, they actually only experience positive product features through colourful pictures, […]

BGB-Leibrenten as the better alternative to private pension insurance

In some city archives historians find records of an annuity purchase – like these. What is behind it and what does it mean for us?   Since then In the 13th century, the purchase of annuities was the predominant credit business of the Middle Ages. The future pensioner bought the right to receive a life […]

Private and occupational pension schemes: deletion of valuation reserves remains on the agenda

For more than 10 years, the yields of life insurance policies have been suffering from the low capital market interest rates. As a result, reductions of up to more than 30 % compared to the expectations raised until the turn of the millennium are the rule. However, customers with terminated or expired contracts have been […]