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Information and advice

When you contact a bank, for example, to open an account or apply for a loan, the bank is obliged to offer advice, if requested or circumstances so dictate.
Advice means recommendations, guidance - including information about the risks associated with a given transaction - and information about the immediate consequences of your options.
In order to give you the right advice, the bank needs certain information about your finances, including:
  • details of your financial circumstances,
  • your experience with the financial product you are interested in
  • your willingness to accept risk and
  • the purpose of obtaining the bank product in question
This is called the ‘know-your-customer’ principle. You should therefore expect to be asked about these matters. The bank will base its advice on the information you provide.
It will tailor its advice to your interests so you get a good decision-making basis. The advice must be relevant, correct, and complete. The bank must provide information about the risks relevant to you.
You can read more about information and advice in:
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