Financial services law governs financial products and services. Typically, claims of private parties revolve around problems arising from a purchased financial product that fails to deliver what is promised. The promise of a return is not realized or the product was unsound from the outset.
Another classic situation is that of a bank allowing a client to accumulate irresponsibly high debts. In such cases a private party can make use of An important defence mechanism: companies providing financial services are bound by the special care obligation. In other words, due to the semi-public function of banking institutions and other financial institutions, financial service providers must guard against insufficient insight and impulsive decisions of individuals. The financial service provider must protect the individual against himself.
This area of law is unique, in part because the Financial Services Complaints Institute (Kifid) provides an easily accessible opportunity for individuals to seek justice. The lawyers at Rotshuizen Geense Advocaten do not only represent individuals but financial services institutions as well, for instance, with regard to the prospectus requirement and penalties from regulatory bodies such as the Dutch Central Bank or the Financial Markets Authority.