Article contentBad financial advice or a disputed insurance claim can cost you a lot of money and cause significant and unnecessary distress.Financial adviceWhen seeking financial advice, you are entitled to an appropriate level of expertise from the financial advisor. If you have received bad advice, you may have a claim.Financial advisors, whether brokers, financial planners, stock brokers or accountants, owe their clients a duty of care. They need to know and understand their client’s current circumstances and financial goals, the product they are selling, make appropriate disclosures about the product and commissions, warn of risks and offer sound advice. If they do not they will have breached their duty.Financial advisors have standards of behaviour they need to meet. If they fail to do so, you may be entitled to compensation.Bank disputeAustralia has a sound banking system and the banks are some of the biggest companies in the country. Despite this, banks are constantly having to compensate customers as a result of providing bad financial advice, mismanaging accounts, acting unconscionably and/or charging inappropriate and exorbitant fees.Banks are obliged to act as good corporate citizens and are subject to rigorous legislative constraints and Codes of Conduct. Failure to do so may result in a claim for compensation.Dispute with your insurerMost insurers are public companies which attempt to maximise their profits for shareholders. Accordingly, you should not automatically expect to receive correct independent advice. Whilst most insurance claims are paid, many are not. For example in 2014 the Financial Ombudsman reported that approximately 100,000 annually are denied. In addition, many thousands more are disputed through the insurer’s internal claims processes or with the Financial Ombudsman. The majority of these disputed claims relate to motor, home, travel and life insurance. It is no coincidence these claims affect the “person on the street” who may not know their rights.Many insurers deny claims based on the “fine print”. The extent of cover, policy exclusions, non-disclosure, misrepresentation and/or the value of a claim are disputed. It is important to know insurers are subject to strict legislative and industry regulation. A lot of this regulation is “consumer friendly” and affords insured’s protection if they know their rights. Unfortunately, many do not.If you have a dispute with your Superannuation fund, or insurance taken out through your fund, (for example, income protection or TPD claims), please refer to our Superannuation section (hyperlink to Superannuation).Whether your dispute is with your financial advisor, bank or insurer, all claims are extremely complex given the extensive legislation, Codes of Practice, Professional Conduct Rules, and the jargon used. These financial service companies fight matters aggressively. National Compensation Lawyers has extensive experience with these claims and dedicated lawyers, who will provide you with the correct advice, maximise any compensation entitlements and ensure your claim is dealt with properly.National Compensation Lawyers (NCL) offer visiting services throughout Victoria.National Compensation Lawyers act on a “No Win, No Fee“ basis. Simply put, this means that if we do not win, you do not pay our legal fees.Please read more about Financial, Banking and Insurance claims in our FAQ section.Our Commitment to YouNational Compensation Lawyers are Fearless. We are not afraid to take on financial service providers, banks, insurers or their lawyers.National Compensation Lawyers are Determined. We will fight to ensure you receive your maximum compensation entitlements or your claim is dealt with appropriately.National Compensation Lawyers are Compassionate. We genuinely care. We will guide you through the claim or legal process with patience and understanding.For more information, or to arrange an obligation-free consultation with a lawyer, please call us on 1300 FEARLESS (1300 332 753).