Module 6 · Staying safe
Your rights, and where to turn for help
How advisors are paid, how to check a firm on official registers, your 14-day right to change your mind, and how to complain for free when something goes wrong.
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In this lesson
- Ask how a financial advisor is paid and spot the conflicts of interest that payment creates
- Check a firm on the official register in Slovenia and other countries before handing over money
- Use the EU's 14-day right of withdrawal for loans and distance contracts, and know its limits
- Follow the complaint path from the firm to a free out-of-court body
Irena, 71, has €20,000 of savings. At her bank, a friendly advisor recommends a fund and says the advice is free. The fund has a 5% entry fee and costs 2% a year. Is the advice really free? And if something went wrong, where could Irena turn?
Who is advising you, and how are they paid?
A recommends what to do with your money. How they are paid shapes what they recommend.
| Type | Who pays them | What to watch |
|---|---|---|
| Fee-only | You, directly | You see the cost; no product commissions |
| Commission-based | The companies whose products they sell | Some products pay them more than others |
| Hybrid | You and the companies | Ask for both costs in writing |
| Tied agent | One company | Offers only that company’s products |
When an advisor gains from a recommendation that may not be best for you, that is a . Some advisors have a : a legal duty to put your interests first.
In 2026 the rules differ by country. In the EU, an advisor who calls the advice “independent” may not keep commissions from product companies. The UK banned commission on retail investment advice in 2013. In the US, registered investment advisers owe a fiduciary duty, while brokers follow a “best interest” rule.
Questions worth asking any advisor: How are you paid for this? What will it cost me in euros each year, all fees included? Do you offer products from many companies, or only one? Can I have that in writing?
Check the register before you pay
In the EU, a firm that offers investments, loans or insurance needs permission from a regulator, and appears on a public register. In Slovenia, check:
- ATVP, the Securities Market Agency, for investment firms;
- Banka Slovenije, the central bank, for banks;
- AZN, the Insurance Supervision Agency, for insurers and insurance agents.
Regulators also publish warning lists of firms acting without permission. If a firm is not on the register, do not send it money.
Changed your mind? The 14-day right of withdrawal
The lets you cancel some contracts within a set time, without giving a reason. In the EU in 2026:
- Consumer loans: 14 calendar days from signing, or from receiving the contract terms if that is later. You repay the money borrowed plus interest for the days you had it.
- Goods and services bought online or by phone: 14 days.
- Financial services sold online or by phone: 14 days. Under EU rules applying from 19 June 2026, websites must offer a clearly labelled “withdraw from contract here” function.
- Life insurance has its own cancellation period of 14 to 30 days.
There are limits. You cannot cancel a purchase of shares or fund units because the price fell, since their price depends on the financial markets.
How to complain, step by step
- Complain in writing to the firm. Say what happened and what you want, attach copies, and keep everything.
- Turn to a free out-of-court body. A settles disputes between customers and financial firms without court, usually for free. In Slovenia:
- For banks, it is the out-of-court service (IRPS) of the Bank Association of Slovenia. You can apply if the bank rejects your complaint or does not answer within 30 days, and at the latest 13 months after your complaint. It is free, but its opinion does not bind the bank.
- For insurers, it is the Mediation Centre of the Slovenian Insurance Association.
- Banka Slovenije and AZN supervise firms and act on broken rules, but they do not settle your individual dispute.
- For a firm in another country, FIN-NET, a network set up by the European Commission, links these bodies across the EU, Iceland, Liechtenstein and Norway. It can point you to the right one.
- Court stays open to you at any time.
Check your understanding
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