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Rådgivares ansvar enligt lag (2003:862) om finansiell rådgivning till konsumenter

Cherek, Oliver LU (2015) LAGM01 20152
Department of Law
Abstract (Swedish)
I dagsläget äger nästan alla vuxna svenskar finansiella instrument. Det är vidare allmänt känt att sparande i finansiella instrument inte är helt riskfritt. För många individer är besparingarna väldigt viktiga, samtidigt som många saknar den kunskap som krävs för att investera i finansiella instrument. Behovet av finansiell rådgivning har därför ökat kraftigt, varför det får anses oroväckande att klagomålen avseende finansiella rådgivare likaså ökat avsevärt under senare år.

Detta arbete tar utgångspunkt i lag (2003:862) om finansiell rådgivning till konsumenter. Utifrån denna lag och utifrån ett avtalsrättsligt perspektiv besvaras följande frågor, (i) när anses finansiell rådgivning föreligga, (ii) vilka skyldigheter har en finansiell... (More)
I dagsläget äger nästan alla vuxna svenskar finansiella instrument. Det är vidare allmänt känt att sparande i finansiella instrument inte är helt riskfritt. För många individer är besparingarna väldigt viktiga, samtidigt som många saknar den kunskap som krävs för att investera i finansiella instrument. Behovet av finansiell rådgivning har därför ökat kraftigt, varför det får anses oroväckande att klagomålen avseende finansiella rådgivare likaså ökat avsevärt under senare år.

Detta arbete tar utgångspunkt i lag (2003:862) om finansiell rådgivning till konsumenter. Utifrån denna lag och utifrån ett avtalsrättsligt perspektiv besvaras följande frågor, (i) när anses finansiell rådgivning föreligga, (ii) vilka skyldigheter har en finansiell rådgivare, och (iii) under vilka förutsättningar kan skadeståndsskyldighet uppkomma för en finansiell rådgivare. Genom hela arbetet återfinns ett de lege ferenda-perspektiv som syftar till att visa möjligheter för förbättringar av gällande rätt.

Enligt lagen föreligger finansiell rådgivning om konsumenten och näringsidkaren ingår ett uppdragsförhållande, där rådgivaren tillhandahåller konsumenten rådgivning avseende placering av kapital i finansiella instrument. Lagen är tvingande till konsumentens förmån och anger flera skyldigheter för näringsidkaren i 4-5 §§. Fondbolag, försäkringsförmedlare, värdepappersinstitut, utländska värdepappersföretag och förvaltare av alternativa investeringsfonder är dock undantagna från skyldigheterna i 4-5 §§. Lagens skadeståndsbestämmelse gäller dock samtliga aktörer.

För att skadeståndsskyldighet ska uppstå för rådgivaren krävs i princip att de allmänna förutsättningarna för skadestånd är uppfyllda. Om rådgivaren brustit i någon av de i 5 § angivna skyldigheterna ska vårdslöshet presumeras föreligga.

Med anledning av MiFID, som implementerats i lag (2007:528) om värdepappersmarknaden, har rådgivningslagens tillämpningsområde begränsats väsentligen. Denna begränsning har medfört att det i betänkandet av 2013 års värdepappersmarknadsutredning, SOU 2015:2, föreslås att rådgivningslagen avskaffas. Författaren av detta arbete stödjer förslaget.

Rättsområdet för finansiell rådgivning till konsumenter är fortfarande relativt nytt. Fall från Högsta domstolen saknas, och det är på flera punkter oklart vad som gäller. Det är exempelvis oklart om rådgivningen måste utföras i enlighet med vetenskap och beprövad erfarenhet. Ett förbättrat konsumentskydd förutsätter att dessa oklarheter undanröjs. (Less)
Abstract
Almost all Swedish adults own financial instruments. It is well known however that investing in financial instruments is not risk free. Furthermore, these investments are often very important for many individuals, but most people lack the necessary knowledge required to invest in financial instruments. There has therefore been a strong increase in the need for financial advisers. With regard to these facts, it is troubling that complaints concerning financial advisers have increased substantially in recent times.

This thesis is based on the Financial Advisory Services to Consumers Act (2003:862). Based on this Act, and based on contract law, this thesis sets out to answer three questions, (i) under what circumstances can it be said... (More)
Almost all Swedish adults own financial instruments. It is well known however that investing in financial instruments is not risk free. Furthermore, these investments are often very important for many individuals, but most people lack the necessary knowledge required to invest in financial instruments. There has therefore been a strong increase in the need for financial advisers. With regard to these facts, it is troubling that complaints concerning financial advisers have increased substantially in recent times.

This thesis is based on the Financial Advisory Services to Consumers Act (2003:862). Based on this Act, and based on contract law, this thesis sets out to answer three questions, (i) under what circumstances can it be said that financial advising has taken place, (ii) what obligations do financial advisers have to abide by, and (iii) under what circumstances is a financial adviser responsible for a consumer’s loss. Throughout the whole thesis the author will try to suggest ways for improving the current state of the law.

According to the Act, financial advisory services are considered to have taken place if a businessman provides the consumer with advice that relate to the investment of the consumer’s assets in financial instruments. Furthermore, derogations may not be made from the provisions of the Act to the detriment of the consumer. The adviser’s obligations are listed under section 4 and 5 of the Act. Fund companies, insurance brokers, securities institutes, foreign investment firms and managers of alternative investment funds are excluded from obligations under the Act. However, this exclusion does not entail the provision stipulating liability for damages that the businessman has caused due to negligence.

In order for liability to occur it is required that the general provisions of tort law are met. If the adviser has breached any obligations under section 5 of the Act, it should be presumed that the adviser has acted negligently.

With regards to MiFID, which has been implemented into Swedish law through the Securities Market Act (2007:528), the scope of the Financial Advisory Services to Consumers Act has been reduced greatly. This reduction has led to an Official Report of the Swedish Government, SOU 2015:2, suggesting that the Financial Advisory Services to Consumers Act should be abolished. The author of this thesis agrees with that suggestion.

The legal field of financial advisory to consumers is relatively new. The Supreme Court of Sweden is yet to try a case concerning financial advisory services to consumers. Several uncertainties remain regarding the scope of the law. For example it is uncertain whether a financial advisor has to base his recommendations on science and proven experience. If these uncertainties were to be eliminated, an improved state of consumer protection would follow. (Less)
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author
Cherek, Oliver LU
supervisor
organization
alternative title
Advisers liability under the Financial Advisory Services to Consumers Act (2003:862)
course
LAGM01 20152
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
bankrätt, civilrätt, förmögenhetsrätt
language
Swedish
id
8509925
date added to LUP
2016-01-27 14:14:32
date last changed
2016-02-08 10:36:17
@misc{8509925,
  abstract     = {Almost all Swedish adults own financial instruments. It is well known however that investing in financial instruments is not risk free. Furthermore, these investments are often very important for many individuals, but most people lack the necessary knowledge required to invest in financial instruments. There has therefore been a strong increase in the need for financial advisers. With regard to these facts, it is troubling that complaints concerning financial advisers have increased substantially in recent times. 

This thesis is based on the Financial Advisory Services to Consumers Act (2003:862). Based on this Act, and based on contract law, this thesis sets out to answer three questions, (i) under what circumstances can it be said that financial advising has taken place, (ii) what obligations do financial advisers have to abide by, and (iii) under what circumstances is a financial adviser responsible for a consumer’s loss. Throughout the whole thesis the author will try to suggest ways for improving the current state of the law. 

According to the Act, financial advisory services are considered to have taken place if a businessman provides the consumer with advice that relate to the investment of the consumer’s assets in financial instruments. Furthermore, derogations may not be made from the provisions of the Act to the detriment of the consumer. The adviser’s obligations are listed under section 4 and 5 of the Act. Fund companies, insurance brokers, securities institutes, foreign investment firms and managers of alternative investment funds are excluded from obligations under the Act. However, this exclusion does not entail the provision stipulating liability for damages that the businessman has caused due to negligence. 

In order for liability to occur it is required that the general provisions of tort law are met. If the adviser has breached any obligations under section 5 of the Act, it should be presumed that the adviser has acted negligently. 

With regards to MiFID, which has been implemented into Swedish law through the Securities Market Act (2007:528), the scope of the Financial Advisory Services to Consumers Act has been reduced greatly. This reduction has led to an Official Report of the Swedish Government, SOU 2015:2, suggesting that the Financial Advisory Services to Consumers Act should be abolished. The author of this thesis agrees with that suggestion. 

The legal field of financial advisory to consumers is relatively new. The Supreme Court of Sweden is yet to try a case concerning financial advisory services to consumers. Several uncertainties remain regarding the scope of the law. For example it is uncertain whether a financial advisor has to base his recommendations on science and proven experience. If these uncertainties were to be eliminated, an improved state of consumer protection would follow.},
  author       = {Cherek, Oliver},
  keyword      = {bankrätt,civilrätt,förmögenhetsrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Rådgivares ansvar enligt lag (2003:862) om finansiell rådgivning till konsumenter},
  year         = {2015},
}