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Newsletter “Insurance Distribution and Financial Advice” of November 2012

Mediation law in practice
At this point, attorney-at-law Dr. Johannes Fiala, https://www.fiala.de, will answer your questions. 
Questions can be asked via email toott@dhbw-heidenheim.de.
“What can happen to an insurance intermediary in 2013 if they advise clients on investment schemes even though they are not (yet) registered to do so under the Financial Investment Intermediaries Regulations?”
Anyone practising a profession without the necessary authorisation from their (professional) chamber first risks receiving a cease-and-desist declaration from their chamber, possibly even a cease-and-desist action, as well as a fine as part of an administrative offence procedure. Such activity without the required licence also indicates a certain unreliability and will make subsequent licensing more difficult, initially prevent it, but probably delay it by months or years – until the licensing authority (chamber) is convinced that the matter no longer radiates into the present.
An alternative would be to slip under a liability umbrella as a “tied agent”. For example, credit institutions that offer corresponding financial products or funds and cooperate with “tied free” intermediaries can be considered for this.
Another alternative is to rely on fee-based advice. If commissions are to be disclosed in the future at national or international level – for (alleged) consumer protection – or perhaps even banned altogether in some areas, early strategic realignment can create a competitive advantage.

Dr. Johannes Fiala 

Our office in Munich

You will find our office at Fasolt-Strasse 7 in Munich, very close to Schloss Nymphenburg. Our team consists of highly motivated attorneys who are available for all the needs of our clients. In special cases, our law firm cooperates with selected experts to represent your interests in the best possible way.


About the author

Dr. Johannes Fiala Dr. Johannes Fiala
PhD, MBA, MM

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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