Financial Advice Disputes
Every Australian wants to secure their financial future and that
of their family. More and more people are investing on the stock
market and it's paramount that you get the right financial
When you don't, you may be entitled to compensation. Maurice
Blackburn has a team of legal experts who can help you pursue a
claim as a result of negligent financial advice.
We help everyone from professionals and self-funded retirees to
mum and dad investors.
We understand that in this industry, investors put their trust
in the expertise of financial advisers and really put their lives
and futures in the advisers' hands.
Receiving bad financial advice can have devastating consequences
and Maurice Blackburn can assess whether you have a right to
Have you invested in Macquarie
Information relating to Macquarie Private Wealth and Macquarie
Entities Ltd is available here.
Do I have a
If you've suffered loss as a result of negligent financial
advice from a financial planner or financial institution you may be
entitled to compensation.
However if you have tried to pursue compensation alone, you will
understand how difficult it can be dealing with financial advice
organisations and their insurance companies and what it is like to
have your problems ignored.
Our lawyers are experts in this area of law and will try to make
the process easier for you by providing straight-forward legal
advice. We have acted for clients against companies such as
Commonwealth Financial Planning Ltd, Citigroup, Morgan Stanley
Smith Barney, Wealthsure and Notolep Private Clients (formerly
known as SAI/Peloton) and we can represent you 'no win/no charge'
in either class actions or individual claims. No matter who
you are up against, Maurice Blackburn will fight to protect
What types of claims can I pursue against my
There are a number of grounds for pursuing compensation from
your financial adviser, including:
- Failing to do an adequate assessment of your circumstances,
needs and objectives.
- Failing to assess your tolerance for risk.
- Failing to warn of the risks associated with the investments
and investment strategy.
- Failing to monitor investments and respond to changing economic
- Providing advice that was not appropriate for someone in your
- Advising you to take out loans which you could not afford.
How do I know whether or not I can recover my
You should ask yourself the following:
- Did you undergo a detailed risk profile initially and again in
the event that your circumstances changed?
- Did you complete your risk profile questionnaire, without being
influenced by your adviser?
- Did you receive a Financial Services Guide and Product
- Did you receive a Statements of Advice?
- Did you fully understand the recommendations and the risks
- Did your portfolio contain a spread across different asset
- Did your portfolio contain a spread across different sectors
- Did you have the financial means to make repayments on loans
you were advised to take out for investing?
If the answer to any of the above is 'No' and you have suffered
loss, it would be worthwhile investigating a potential claim.
What can I do if I've received bad financial
You can lodge a formal complaint with the financial advice
organisation, and if you are not satisfied with their response, you
can appeal to the courts or to an industry complaints scheme such
as the Financial Ombudsman Service (FOS). There
are advantages and disadvantages of going to FOS or to court, and
there are important time limits for lodging disputes. We can
provide you advice about this and represent you in the formal
complaint stage as well as at FOS or in court.
Will it cost anything to find out whether I can
make a claim?
No. Our financial advice lawyers will act for you on a 'no
win-no charge' agreement. There is no charge for advice or for the
first appointment in a matter if you do not win. For advice and
help with a claim, click here to be to be contacted by a
lawyer or call 1800 675 140.
Financial Planning Ltd Class Action
Maurice Blackburn is conducting a class action against
Commonwealth Financial Planning Ltd to recover compensation for all
those investors who lost millions by relying on the recommendations
of CFPL's financial planner, Mr Don Nguyen.
Maurice Blackburn began its investigations into Commonwealth
Financial Planning in early 2010 when it launched legal proceedings
on behalf of four investors who lost a combined $3.7 million
because, it was alleged, they relied on Mr Nguyen's poor
investment advice. Mr Nguyen was a financial planner employed
by CFPL until July 2009. The class action that is
before the Federal Court in Sydney is for all victims of Mr
Nguyen's conduct whose claims have not yet been settled.
Maurice Blackburn has also settled a number of other claims
against Mr Nguyen.
Read our media release
What our clients say
Maurice Blackburn helped Jeff after he suffered financial loss
because of the negligence of a financial institution. Watch Jeff
tell his story.