As a financial investment broker, is growney and Vividam free of any liability?
Growney, Vividam and FinMarie, as financial investment brokers, are not exempt from any liability under section 34f (1) sentence 1 no. 1 GewO. According to the regulation of financial investment brokerage (FinVermV), no distinction is made between a consultant and an intermediary. Accordingly, a brokerage contract, just like a consultant contract, is a contractual relationship with elements of business management (§§ 611, 675 BGB). If the following obligations are violated, contractual liability claims are triggered:
a) The intermediary must fulfill personal contractual obligations in order to ensure advice that is appropriate for investors. To do this, the customer’s level of knowledge, risk tolerance and investment objective must be determined and taken into account. All investor-specific information must also be provided to the investor. b) The intermediary must fulfill product-related contractual obligations. For this purpose, the reference to the earnings opportunities, market and price-related risks, as well as special risks must take place in order to ensure proper, complete and truthful product advice.
The FinVermV also applies as a protection law in the sense of of Section 823 (2) BGB, according to which the intermediary is liable for damages if the obligations under the FinVermV are violated.