Neither liability umbrellas nor structured distributors protect intermediaries from personal liability

– When sellers, intermediaries and advisors are themselves in the fire in the case of insolvent investments –   A well-known structural distributor was ordered to pay damages by judgment of 31.07.2014 (LG Frankfurt/Main, Case No. 2-32 O 154/13) because an investment advisor insufficiently informed about risks of a real estate fund. Structural distributors and […]

Occupational pension schemes: Advice protocols and products put to the test

*by Peter F. Then, insurance broker (Veitshöchheim), lawyer (www.then-finanz.de) and Johannes Fiala, lawyer (Munich), banker (www.fiala.de ) The information problem: An agent writes ‘I personally have no problem with broker liability. I am largely responsible for my own actions. Only that I should take over the liability for the mistakes of my suppliers does not […]

Lawyer for investment law in Munich

Investment law: Ask at the right time The investor protector Heinz Gerlach (*1945, +2010) once said that the typical investor at the regulars’ table only has three questions: First question: The investor waves various prospectus documents and asks “Is that something?”Second question: “And what’s the best?”Third question (usually after months or years): “What is the […]

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, […]

How relatives are exempted from having to reclaim social assistance for care costs

– Have supplementary nursing care insurance policies served their time as asset protection policies? – Compulsory long-term care insurance (PPV) as partial coverage “Help yourself, that’s how God helps you” thought the legislator when he created the JPA – even with “Pflege-Bahr” only a partial cover of up to less than 50% of the nursing […]

Variants of immoral insurance contracts

Insurance products supervised by the Federal Financial Supervisory Authority (BaFin) may also be null and void on the grounds of immorality. This then also applies to the contract with consultants and agents. The investor therefore has no claim to be protected from receiving false advice: A release from liability without any financial loss liability (VSH). […]

Interview with lawyer Johannes Fiala on current trends in the financial services sector

(epn) Mr. Fiala, we would like to start by introducing you to our readers. You have started your professional career as a banker at Bankhaus H.Aufhäuser. Afterwards you studied economics with a focus on financial services (Master of Business Administration, University of Wales) and law (lawyer for over 10 years). They sit on the examination […]

In the purchase lies the profit – customer advantages by commission levy

The commission levy by the cash-back insurance broker as an alternative to the net tariff. How insurance brokers give up to more than 40% of insurance premiums to their clients   More and more intermediaries are waiving their commissions, not only in the case of insurance brokerage, but also in the case of open-ended investment […]

Foreign life, pension and health insurance: Opportunities and risks for insurance companies and insurance brokers

Foreign insurance companies, especially those from the European Economic Area (EEA) and the European Union (EU) are increasingly competing with domestic providers. For insurance intermediaries and insurance customers, this creates risks, but also opportunities. In private health insurance we see only the beginning of a development here. EEA and EU insurers must obtain a certificate […]

Sales success or wasted legal additional income with the insurance broker?

– When insurance brokers can receive fees in addition to brokerage –   “Tine flies like an arrow. Fruits flies like a banana.” (Groucho Marx) For decades, insurance brokers have competed with business and tax advisors, legal counsel, and insurance consultants. In this context, comprehensive insurance advice as pure legal advice is (also) part of […]