Mediation law in practice

 

“The new Legal Services Act has been in force since 1 July. What do intermediaries have to pay particular attention to?”

 

Legal and tax advice is permitted to the financial service provider or intermediary of capital investments and insurance “in simple cases”. As soon as an in-depth legal examination is expected or necessary on any point, a person with a legal advisory licence (e.g. insurance adviser, chartered accountant, auditor, lawyer, pension adviser) must be called in. Even if there is no need to involve or delegate to a legal adviser, the advice given by the financial services provider or insurance intermediary must be correct. Up to now, no VSH insurance, not even for management consultants, covers liability for incorrect legal and tax advice. The insurance broker is permitted to give extrajudicial insurance legal advice – but only to settle claims with the insurer with whom he has taken out insurance cover for the customer. If the contract is not (or no longer) in the broker’s portfolio, there is usually no VSH cover either.

 

Dr. Johannes Fiala

(DHBW Newsletter 11/2008)

Courtesy ofwww.dhbw-heidenheim.de.

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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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