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Emergency

Wrong advice on an investment: damages from the bank

Anyone who takes out an investment at the bank may expect advice appropriate to the investor and the product. If the advice was wrong or incomplete and a loss resulted, claims for compensation may exist. What is decisive are the advisory duties that were breached.

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Under the advisory contract, the bank must advise appropriately to the investor and the product, that is, suited to your knowledge, goals, and risk tolerance, as well as accurately about the product and its risks. If it culpably breaches these duties, it can be liable for damages (§ 280 BGB).
There must also be disclosure about commissions and certain remunerations. Advisory records, documents, and witnesses help to prove wrong advice. But observe limitation periods.

What you should do now

  1. 1

    1. Reconstruct the advice

    Record what was recommended and what was (not) disclosed.

  2. 2

    2. Collect documents

    Secure the advisory record, prospectuses, emails, and statements.

  3. 3

    3. Check the breach of duty

    Clarify whether investor-appropriate or product-appropriate advice was breached.

  4. 4

    4. Assert the claim

    Demand damages; observe the limitation in doing so.

How to spot the scam

  • Risks were played down or not mentioned at all.
  • The product did not suit your goals and risk tolerance.
  • Limitation periods are about to elapse.

Frequently asked questions

When is there wrong advice?

When the bank breaches its duty to advise appropriately to the investor and the product, for instance recommends a product that is too risky or unsuitable, conceals risks, or does not disclose commissions, and a loss results for you. Then a claim under § 280 BGB can exist.

How do I prove the wrong advice?

With advisory records, product documents, emails, and witnesses. Banks often have to document the advice. The better you can prove what was recommended and what was not disclosed, the more likely the breach of duty can be proven.

By when can I assert claims?

Damages claims become time-barred. In principle the regular limitation applies, which begins at the end of the year after you gain knowledge of the loss and the breach of duty, with an absolute maximum period. So do not wait too long and have the deadlines examined in the individual case.

Take action now

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General information for self-help, not legal advice (RDG). In case of a high loss or uncertainty: contact a consumer advice center or a lawyer.