Are you affected by the financial crisis or injured financial and investment advisers or banks? Are you thinking of claiming compensation for your losses?
In Austria, there are a number of legal regulations governing the duties of investment advisors and banks (financial service providers), in particular WAG, KMG, InvFG and BörseG. Financial service providers are required to create a customer profile prior to entering into a business relationship, in which their personal knowledge, previous investment behavior, willingness to take risks and investment objectives must be documented (“know your customer”).
Investment recommendations are to be coordinated with this customer profile. Financial service providers also have the obligation to protect their interests and to provide detailed information about market and product-specific risks (“know your merchandise”).