Bankinter Forced to Reimburse for Lack of Information
The Appeal Court in Murcia has ruled that Bankinter should refund almost sixty thousand Euros for not advising a client of the risks of an investment in Iceland. According to the deciding judges, Bankinter did not provide all the required documentation which by law, is mandatory.
The ruling states that “the financial entity acting as a professional intermediary in the acquisition of a financial product has the obligation to advise a client, in detail, of the characteristics of a product so that an informed decision can be made.” It then adds that “the bank has to cover, specificly, the concrete risks associated with the investment and not make a mere formal note on these, as a matter of course, within a context where profitability is highlighted and risks covered up.”
The ruling also states that the documentation provided was only comprehensible by people of a high financial culture.
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