Maurice Blackburn

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 advice.

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 claim.

Do I have a claim?

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 you.

What types of claims can I pursue against my financial adviser?

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 circumstances.
• Providing advice that was not appropriate for someone in your circumstances.
• Advising you to take out loans which you could not afford.

How do I know whether or not I can recover my losses?

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 Disclosure Statements?
• Did you receive a Statements of Advice?
• Did you fully understand the recommendations and the risks involved?
• Did your portfolio contain a spread across different asset classes?
• Did your portfolio contain a spread across different sectors and industries?
• 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 advice?

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 196 050.

Commonwealth 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.

Class action details

Read our media release