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Vårdslös rådgivning – Vad innebär vårdslös rådgivning vid finansiell rådgivning samt investeringsrådgivning?

Belovai, Ewa LU (2011) JURM01 20102
Department of Law
Abstract (Swedish)
Till följd av finanskrisen förlorade konsumenter genom placeringar i riskfyllda finansiella instrument stora delar av sina investeringar. Under åren 2008 och 2009 inkom fler klagomål till Finansinspektionen och Konsumentverket jämfört med tidigare år om att många konsumenter via rådgivning rekommenderats produkter som inte motsvarat den risk de varit beredda att ta eller att information om risken inte varit tillräcklig.

Det finns idag två lagar som reglerar området för en rådgivares skyldigheter och förpliktelser. Den första lagen, lag om finansiell rådgivning till konsumenter (FRL), trädde ikraft den 1 juli 2004 och reglerar förhållandet mellan näringsidkare och konsument vid finansiell rådgivning. Den andra lagen, lag om... (More)
Till följd av finanskrisen förlorade konsumenter genom placeringar i riskfyllda finansiella instrument stora delar av sina investeringar. Under åren 2008 och 2009 inkom fler klagomål till Finansinspektionen och Konsumentverket jämfört med tidigare år om att många konsumenter via rådgivning rekommenderats produkter som inte motsvarat den risk de varit beredda att ta eller att information om risken inte varit tillräcklig.

Det finns idag två lagar som reglerar området för en rådgivares skyldigheter och förpliktelser. Den första lagen, lag om finansiell rådgivning till konsumenter (FRL), trädde ikraft den 1 juli 2004 och reglerar förhållandet mellan näringsidkare och konsument vid finansiell rådgivning. Den andra lagen, lag om värdepappersmarknaden (VpmL), trädde ikraft den 1 november 2007 till följd av MiFID direktivet och reglerar förhållandet mellan näringsidkare och professionell, icke-professionell samt jämbördiga motparter vid investeringsrådgivning. FRL gäller således inte längre för värdepappersinstitut, fondbolag och försäkringsförmedlare som numera omfattas av VpmL.

Kraven som ställs på en rådgivare enligt båda lagarna är huvudsakligen att en rådgivare måste ha tillräcklig kompetens, att dokumentation måste upprättas över det som förekommit under rådgivningstillfället, att kunderna måste förses med information om arten och riskerna med investeringen och att rådgivare måste göra en lämplighetsbedömning och anpassa rådgivningen till kundens önskemål och behov.

De båda lagarna skiljer sig inte mycket åt till innehållet. VpmL har dock fört med sig en kundkategorisering i professionella, icke-professionella investerare samt jämbördiga motparter istället för uppdelningen i FRL mellan näringsidkare och konsument. Lagen har även fört med sig en bättre precisering av lämplighetsbedömningen samt kravet att inhämta nödvändiga uppgifter. Eftersom investeringsrådgivning numera är en tillståndspliktig verksamhet har även detta inneburit ett starkare investerarskydd.

Skadestånd regleras i 6 § FRL. Detta innebär att avgöranden om vårdslös rådgivning från tiden innan VpmL:s ikraftträdande fortfarande är aktuella. Uppsatsen behandlar även ett antal avgöranden om vårdslös rådgivning för att kunna spåra de faktorer som domstolarna har fäst betydelse vid avseende bedömningen om en rådgivares agerande bedömts som vårdslöst eller inte. För att skadestånd ska utgå krävs det även att grundläggande skadeståndrättliga principerna är uppfyllda. Därför presenteras dessa kortfattat i ett eget kapitel.

Tillsynsmyndigheterna för de båda lagarna är Finansinspektionen och Konsumentverket som idag har ett delat ansvar för konsumentskyddet på den finansiella marknaden.

Av särskilt intresse för ämnet presenteras fallet om Acta Kapitalförvaltning, som är ett av företagen som det riktats kritik mot, på grund av att de rekommenderat produkten Valutaindexobligationen Tillväxtmarknader 1-4. Allmänna reklamationsnämnden har hittills tagit beslut i sex ärenden beträffande produkten Tillväxtmarknader 1-4 och har kommit fram till att Acta inte har varit vårdslös i sin rådgivning. Vid en sammanfattning av samtliga faktorer i fallen om Acta kan det dock finnas ett par punkter som talar emot Allmänna reklamationsnämndens beslut. Till exempel har produkten, trots att den ansetts ha haft en hög risk, ändå rekommenderats till kunder som efterfrågat en lägre risk vilket inte har stämt överens med kundernas behovsanalys. Kunderna till Acta har också ansett att de inte har fått någon information om riskerna med placeringen. Huruvida tingsrätten kommer att bedöma Actas rekommendation som vårdslös eller inte återstår dock att se och det kommer att bli intressant att följa fallet i framtiden. (Less)
Abstract
The aftermath of the financial crisis meant that many consumers lost parts of their investments because they had invested their savings in risky financial instruments. Between the years of 2008 and 2009, the Swedish Financial Supervisory Authority, Finansinspektionen, and the Swedish Consumer Agency, Konsumentverket, received more complaints, compared to previous years, regarding financial advisors recommending financial products that failed to meet the actual risk the consumers were prepared to take or to inform about the actual risk of the products.

Today, there are two laws governing the obligations of financial advisors. The first law, lag om finansiell rådgivning till konsumenter (FRL), entered into force on 1 July 2004 and... (More)
The aftermath of the financial crisis meant that many consumers lost parts of their investments because they had invested their savings in risky financial instruments. Between the years of 2008 and 2009, the Swedish Financial Supervisory Authority, Finansinspektionen, and the Swedish Consumer Agency, Konsumentverket, received more complaints, compared to previous years, regarding financial advisors recommending financial products that failed to meet the actual risk the consumers were prepared to take or to inform about the actual risk of the products.

Today, there are two laws governing the obligations of financial advisors. The first law, lag om finansiell rådgivning till konsumenter (FRL), entered into force on 1 July 2004 and regulates the relationship between financial advisors and consumers. The second law, lag om värdepappersmarknaden (VpmL), entered into force on 1 November 2007 as a result of the MiFID Directive and regulates the relationship between financial advisors and professional, non-professional and equal counterparties. FRL is thus no longer applicable for securities firms, fund companies and intermediaries that are now subject to the application of VpmL.

The obligations of a financial advisor according to both laws are essentially:
1. An advisor must have sufficient qualifications.
2. The advice that was given during the meeting with the advisor has to be documented.
3. The customer must be provided with information about the risk and nature of the investment.
4. The adviser must make an assessment of the suitability of the recommendation and the recommendation has to be adapted according to the customer's needs and preferences.

The contents of both laws are more or less the same. With the introduction of VpmL the customer classification was however changed to professional, non-professional investors and equal counterparties instead of the division between a financial advisor and a consumer. The law has also clarified the obligations of the advisors assessment of the suitability of the recommended product and the requirement to obtain necessary information about the customer. Since the companies that give financial advice in accordance with VpmL are now required to have a license for this activity, this has also meant a stronger protection for the investor.

Damages are governed in § 6 FRL, which means that cases decided in court from the period prior to the introduction of VpmL are still actual. In the thesis there is a passage with a number of court decisions about negligent financial advice to detect the factors which in practice has been of importance in determining whether the conduct of a financial adviser has been judged as negligent or not. For damages to be paid the fundamental law principles about damages also has to be met.

The regulators of the two laws are the Swedish Financial Supervisory Authority and the Swedish Consumer Agency that share the responsibility for consumer protection in the financial market.

Of particular interest in the subject is the case of Acta Kapitalförvaltning, which is one of the companies that has been criticized, due to their recommendation of the product Valutaindexobligationer Tillväxtmarknader 1-4. The Swedish National Board for Consumer Complaints, Allmänna reklamationsnämnden, has so far decided in six cases about the product recommended by Acta and has found that Acta has not given negligent financial advice when recommending the product. When taken all factors into account in the case with Acta, there may however be a few points that speak against the recommendations from The Swedish National Board for Consumer Complaints. For example, the product was recommended to clients who demanded a lower risk investment even though the product was considered to have a high risk. Many of Acta’s clients also believe that they did not receive sufficient information about the risks of the investment. Whether the court will decide if Acta’s recommendation of the product is considered to be negligent financial advice or not is yet to be seen and it will be an interesting case to follow in the future. (Less)
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author
Belovai, Ewa LU
supervisor
organization
alternative title
Negligent financial advice – What is considered to be negligent financial advice in the field of financial counseling and investment counseling?
course
JURM01 20102
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Förmögenhetsrätt
language
Swedish
id
1751482
date added to LUP
2011-01-10 15:31:46
date last changed
2011-01-10 15:31:46
@misc{1751482,
  abstract     = {The aftermath of the financial crisis meant that many consumers lost parts of their investments because they had invested their savings in risky financial instruments. Between the years of 2008 and 2009, the Swedish Financial Supervisory Authority, Finansinspektionen, and the Swedish Consumer Agency, Konsumentverket, received more complaints, compared to previous years, regarding financial advisors recommending financial products that failed to meet the actual risk the consumers were prepared to take or to inform about the actual risk of the products.

Today, there are two laws governing the obligations of financial advisors. The first law, lag om finansiell rådgivning till konsumenter (FRL), entered into force on 1 July 2004 and regulates the relationship between financial advisors and consumers. The second law, lag om värdepappersmarknaden (VpmL), entered into force on 1 November 2007 as a result of the MiFID Directive and regulates the relationship between financial advisors and professional, non-professional and equal counterparties. FRL is thus no longer applicable for securities firms, fund companies and intermediaries that are now subject to the application of VpmL.

The obligations of a financial advisor according to both laws are essentially: 
1.	An advisor must have sufficient qualifications.
2.	The advice that was given during the meeting with the advisor has to be documented.
3.	The customer must be provided with information about the risk and nature of the investment.
4.	The adviser must make an assessment of the suitability of the recommendation and the recommendation has to be adapted according to the customer's needs and preferences.

The contents of both laws are more or less the same. With the introduction of VpmL the customer classification was however changed to professional, non-professional investors and equal counterparties instead of the division between a financial advisor and a consumer. The law has also clarified the obligations of the advisors assessment of the suitability of the recommended product and the requirement to obtain necessary information about the customer. Since the companies that give financial advice in accordance with VpmL are now required to have a license for this activity, this has also meant a stronger protection for the investor.

Damages are governed in § 6 FRL, which means that cases decided in court from the period prior to the introduction of VpmL are still actual. In the thesis there is a passage with a number of court decisions about negligent financial advice to detect the factors which in practice has been of importance in determining whether the conduct of a financial adviser has been judged as negligent or not. For damages to be paid the fundamental law principles about damages also has to be met. 

The regulators of the two laws are the Swedish Financial Supervisory Authority and the Swedish Consumer Agency that share the responsibility for consumer protection in the financial market.

Of particular interest in the subject is the case of Acta Kapitalförvaltning, which is one of the companies that has been criticized, due to their recommendation of the product Valutaindexobligationer Tillväxtmarknader 1-4. The Swedish National Board for Consumer Complaints, Allmänna reklamationsnämnden, has so far decided in six cases about the product recommended by Acta and has found that Acta has not given negligent financial advice when recommending the product. When taken all factors into account in the case with Acta, there may however be a few points that speak against the recommendations from The Swedish National Board for Consumer Complaints. For example, the product was recommended to clients who demanded a lower risk investment even though the product was considered to have a high risk. Many of Acta’s clients also believe that they did not receive sufficient information about the risks of the investment. Whether the court will decide if Acta’s recommendation of the product is considered to be negligent financial advice or not is yet to be seen and it will be an interesting case to follow in the future.},
  author       = {Belovai, Ewa},
  keyword      = {Förmögenhetsrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Vårdslös rådgivning – Vad innebär vårdslös rådgivning vid finansiell rådgivning samt investeringsrådgivning?},
  year         = {2011},
}