HVB Management Board members face criminal charges

by Johannes Fiala, lawyer The Munich banker and attorney Johannes Fiala evaluates the proceeding of the former Bayerische Hypotheken- und Wechselbank AG as highly risky: The European Court of Justice had decided on 13.12.2001 in a procedure against the HVB (legal successor of the Bayerische Hypotheken- und Wechselbank AG) that also without instruction over the […]

Intermediary liability: bankruptcy due to incorrect investment advice

A must read for advisors, agents, brokers, employees of distribution companies, employees of insurance companies, partners and employees of credit institutions.   Intermediary liability: The early death of the investment advisor through bankruptcy due to incorrect investment advice!   New market development trends: The banking and investment scene is in a state of upheaval. The […]

Life insurance in Liechtenstein: Asset protection with total default risks

“If you have faith, it’s all over.” (Stanislav Lec, Polish poet)   Asset protection is the separation of business and private risks or assets, including the integration of insurance protection. Risks to private assets stem primarily from the business sector (e.g. liability for break-through) or from financing, but also from separation/divorce or legal disputes.   […]

Drying up of life insurance – too few investment options for too much money

– Why life insurance has outlived its usefulness as a capital accumulation vehicle –   Wim Duisenberg, ex-president of the ECB, when asked how he invests his money: “Personally, I’m in the fortunate position of having no reserves.”   Statistically, up to more than 80 million German citizens own more than one life insurance policy. […]

Insurance mediation as commercial fraud

– How clueless facilitators and training managers go straight to jail instead of through LOS -.   On 05.11.2014, the Central Criminal Investigation Service Lüneburg arrested two insurance brokers for commercial fraud. The intermediaries induced their customers to terminate existing annuity and life insurance policies in order to subsequently take out new insurance policies that […]

Extraordinary termination without notice of contractually non-cancellable insurance and other contracts

– How to immediately terminate long-term occupational and personal pension contracts -.   It is not only in private banks that it is common for employees to have to earn up to more than three times their gross salary. For bank customers, this means that up to more than 1% of their assets can go […]

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 […]

Manager liability insurance: mostly worthless for managers and companies?

– Why so-called Directors & Officers (D&O) liability insurance policies often do not cover –   Manager liability instead of risk management Self-employed persons, i.e. tradesmen and freelancers, often use corporations for their own professional activities. Out of fear of so-called “liability for breaching private assets”, you then have a manager liability insurance policy sold […]

Books / Technical articles

Publications – Technical papers Fiala/Schramm, Insolvency risk of British life insurers when relocating to Ireland, ExpertenReport, issue 7/2019, pages 60-62 Fiala/Schramm, When are insurers no longer obliged to pay benefits or can reduce benefits?Expert Report, issue 3/2019, pages 56-58 Fiala/Schramm, No insurance coverage in case of refusal to pay protection money, ExpertenReport, issue 11/2018. Pages […]