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 ( 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 […]

What are acquisition brokerage, investment advice, financial portfolio management, financial planning, investment brokerage and prospectus liability?

Investment brokerage: Investment brokerage (also called acquisition brokerage, especially in the insurance sector) is the pure brokering of a third party’s investment (no products created by the client). What is owed is the provision of information and the execution of the mediation, but no advice. The investor has a limited expectation here, because he only […]

From prospectus liability to distribution liability – aspects of economic risks in distribution, in particular for closed-end investments, leveraged annuities, life insurances in connection with loans, off-market shares, pp. Loans, off-market and pre-market shares, pp.

A. Intermediary liability goes further than prospectus liability: Indispensable for a financial advisor is the certainty that – a complete initiator performance record is available, and – a complete prospectus audited without objections. Already here the financial advisor is often dependent on experts, because numerous auditor prospectus audit reports are for their part incomplete or […]

Asset management: creative financial distribution without a licence and without financial supervision

– Products and concepts for formerly licensed intermediaries, brokers, tipsters and advisors –   Investors lose up to more than €40 billion every year because they did not really understand the financial products sold to them – or were the victim of fraud. It is typical that even formerly unsuspicious competence bearers or their financial […]

Life insurance companies and foundations from Liechtenstein, Bermuda, Switzerland and Papua New Guinea

– When structures for asset protection and succession planning are ineffective – Banks and insurance companies, as well as financial advisors from Germany and abroad, are praising foreign camouflage constructions via prospectuses and appraisals. This should make it practically possible for assets of 100,000 euros or more to constitute a secure succession arrangement by circumventing […]

Insurers and banks settle dispute over aiding and abetting tax evasion with millions in fines

– Employees and customers are still surprised by international arrest warrants –   Insurers’ and banks’ agreement with judiciary does not prevent prosecution of employees Although some banks, as well as insurers, have settled their dispute with the US judiciary by pleading guilty to criminal charges, the individual employees involved remain under investigation. No employee […]

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, […]

Faulty software attestations, certificates and attestations: Theses on the liability of the management or managers, as well as software houses, auditors and other alleged experts

A reply to Stritters Forum tips of 13.10.2007   Some business managers can be blinded by attestations, certificates and certifications when purchasing software: Not only the content with many ifs and buts, but especially the liability situation shows that these are regularly samples without value.   Manager liability Even from a medium-sized GmbH, the management […]

When employers are liable for reductions in pension funds

– How advisors, brokers and pension funds are taken into recourse in time –   A daily newspaper from southern Germany misleads its readers with the title “Erste Pensionskasse reduces company pensions”. For neither are company pensions reduced if the pension fund cuts its benefits. This is still the first pension fund where pensions and […]