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Bad Financial Advice
Bad financial advice
There are a number of matters currently before the courts involving investors who allege they have received poor financial advice.
While many financial advisers act appropriately, there are cases where clients receive poor advice, including recommendations to invest in high-risk products or strategies that are not properly diversified. This can expose clients to unnecessary risk of capital or income loss.
In some cases, clients may be encouraged to qualify as sophisticated investors, gaining access to different investment opportunities but without the same level of disclosure protections as ordinary investors.
Clients who have received poor financial advice may have a claim for negligence, breach of contract or misleading conduct. Time limits apply to these claims, generally six years from the date of the breach or from when the loss is incurred, depending on the circumstances.
As the timing can be complex, it is important to act promptly if you believe you may have a claim.
Given that losses from poor financial advice can go undetected for some time, early action is important. When preparing a claim, focus on the advice received at the outset and the documents relied on in making the investment.
For enquiries relating to claims arising from bad financial advice, please contact Peter Muller at peterm@qbmlaw.com.au or Justin Mathews at justinm@qbmlaw.com.au
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