How much legal advice can financial service providers afford?

From the series of newsletters of the DHBW (Baden-Wuerttemberg Cooperative State University) Heidenheim on the topic “Mediation Law in Practice”:

At this point, attorney-at-law Dr. Johannes Fiala,, lecturer for insurance law at the

DHBW Heidenheim, your questions. Questions can be asked by emailing

First of all, there must be a connection with a principal service, which is not legal advice.
for example, a debt restructuring, the setting up of a pension scheme, financial or investment advice. From the temporal
The scope of this main service must be the “core and main focus” of the activity, i.e. on an economic level.
and not in the legal field. It is no longer necessary for the legal advice to be compulsory
is necessary to provide the main service.

Then it comes down to the content. Simple legal questions may be advised by anyone. Simple would be advice
for example, if it is a question of the period of notice for an existing loan in accordance with § 490 II 1 BGB
which is to be rescheduled. Further simple is also a consultation about recognized case groups
for a legitimate interest in debt rescheduling.

For example, according to established case law, this includes cases in which the borrower
wishes to use the loan collateral for other purposes, or if the borrower wishes to sell the loaned item.
It is only when complex legal considerations become necessary that it is mandatory to refer to legal counsel.

Besides the lawyer, there are also other “admissible” advisors for partial areas, such as pension, tax or insurance advisors.


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Dr. Johannes Fiala Dr. Johannes Fiala

Dr. Johannes Fiala has been working for more than 25 years as a lawyer and attorney with his own law firm in Munich. He is intensively involved in real estate, financial law, tax and insurance law. The numerous stages of his professional career enable him to provide his clients with comprehensive advice and to act as a lawyer in the event of disputes.
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