Foreign Currency Trading Advisor
Misrepresentations and claims under the Trade Practices Act 1974.?
If a business person approached their financial adviser for a loan and the financial adviser arranged a loan in a foreign currency because the exchange rate against the Australian dollar was good (say for example: the loan was for $1million Australian in Japanese Yen and the exchange rate at the time was 1:130) and then a few years later, the Japanese Yen fell to say 1:65. This obviously doubled the business persons debt. Has the business person any protection under the Trade Practices Act 1975 (Cth)?
No
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