Litigation privilege did not apply to correspondence before litigation was “reasonably anticipated”, judge says –

Posted January 24th, 2014 in burden of proof, financial advice, news, privilege by sally

‘A brewing company was unable to prevent correspondence between itself and its bank and accountants from being disclosed during a dispute connected with the sale of its eastern European business, a High Court judge has ruled.

Full story, 23rd January 2014


Strengthening the legal duties on financial professionals to act in the best interests of savers – Law Commission

Posted October 29th, 2013 in consultations, fiduciary duty, financial advice, Law Commission, news, pensions, trusts by sally

“Today [22 October] the Law Commission publishes a consultation paper reviewing how ‘fiduciary duties’ apply to investment intermediaries. The paper traces a chain of intermediaries from an individual, saving for a pension, to the registered shareholder of a UK company. It looks at the obligations of those in the chain to act in the interests of savers.”

Full story

Law Commission, 22nd October 2013


Debt adviser jailed for preying on ‘vulnerable’ customers – BBC News

“A self styled debt adviser has been jailed for bullying customers into remortgaging their homes and then pocketing the money for himself.”

Full story

BBC News, 21st August 2013


Banks win mis-selling case at appeal court – Law Society’s Gazette

Posted August 5th, 2013 in appeals, banking, consumer protection, financial advice, interest, news by sally

“The Court of Appeal has dealt a blow to businesses bringing claims against banks for allegedly mis-selling interest rate swaps products by dismissing a claim against the Royal Bank of Scotland.”

Full story

Law Society’s Gazette, 5th August 2013


Clack: SAAMCO in practice – Hardwicke Chambers

Posted June 26th, 2013 in financial advice, negligence, news, professional conduct, solicitors by sally

“In Nigel Clack v Wrigleys Solicitors LLP [2013] EWHC 413 (Ch), Mr Nicholas Strauss QC (sitting as a Deputy Judge of the High Court) found for the Claimant client against his former Solicitors.”

Full story

Hardwicke Chambers, 24th June 2013


Emptage v Financial Services Compensation Scheme Ltd – WLR Daily

Emptage v Financial Services Compensation Scheme Ltd: [2013] EWCA Civ 729; [2013] WLR (D) 242

“Where a broker had negligently advised a client to take out an interest-only mortgage and make an investment in foreign property in the expectation that the investment would pay off the entirety of the mortgage, the Financial Services Compensation Scheme Ltd was required to take into account both elements of the advice when assessing the client’s compensation for the broker’s breach of duty as a mortgage adviser under the scheme’s rules.”

WLR Daily, 18th June 2013


Legal Ombudsman chairman calls for major expansion in jurisdiction – Legal Futures

“All consumers of legal services – using a broad definition that includes ‘linked professional services and advice that has a legal dimension’ – should have access to the Legal Ombudsman (LeO), its chairman said today.”

Full story

Legal Futures, 13th June 2013


Genil 48 SL and another v Bankinter SA and another – WLR Daily

Posted June 6th, 2013 in banking, EC law, financial advice, law reports by sally

Genil 48 SL and another v Bankinter SA and another (Case C-604/11); [2013] WLR (D) 213

“An investment service was offered as part of a financial product within the meaning of article 19(9) of Parliament and Council Directive 2004/39/EC of 21 April 2004 on markets in financial instruments only when it formed an integral part thereof at the time when that financial product was offered to the client.”

WLR Daily, 30th May 2013


Pitt and another v Holt and another; Futter and another v Futter and others – WLR Daily

Posted May 14th, 2013 in financial advice, law reports, mistake, Supreme Court, taxation, trusts by sally

Pitt and another v Holt and another; Futter and another v Futter and others [2013] UKSC 26; [2013] WLR (D) 172

“The court’s jurisdiction to intervene in a decision made by trustees who were acting within their power arose only if they could be shown to have acted in breach of duty. Trustees who wished to exercise a discretion which was within their powers and sought and acted on the advice of apparently competent professional advisers not in breach of duty merely because the professional advice turned out to be incorrect.”

WLR Daily, May 2013


Supreme Court ruling on trustee mistakes “likely to create uncertainty”, says expert –

“A Supreme Court ruling on the circumstances in which courts can set aside decisions made wrongly by trustees is ‘likely to create uncertainty’ due to the subjective nature of the test, an expert has said.”

Full story, 10th May 2013


Advice restricted to ‘passive investments’ cannot be called independent, says FSA –

Posted February 14th, 2013 in financial advice, financial regulation, news, regulations by sally

“Financial advisers cannot be said to be ‘independent’ if they offer retail investment advice to clients based solely on their assessment of ‘passive investments’, the Financial Services Authority (FSA) has said.”

Full story, 13th February 2013


Banks to pay for ‘swap’ mis-selling, FSA demands – BBC News

Posted February 1st, 2013 in banking, compensation, financial advice, financial regulation, news by tracey

“Four banks will now compensate tens of thousands of small businesses who were mis-sold complex insurance deals, says the Financial Services Authority.”

Full story

BBC News, 31st January 2013


Regina (Prudential plc and another) v Special Comr of Income Tax and another (Institute of Chartered Accountants and others intervening) – WLR Daily

Posted January 25th, 2013 in accountants, financial advice, law reports, legal profession, privilege, taxation by tracey

Regina (Prudential plc and another) v Special Comr of Income Tax and another (Institute of Chartered Accountants and others intervening): [2013] UKSC 1;   [2013] WLR (D)  20

“Legal advice privilege would not be extended to communications in connection with advice given by professional people other than members of the legal profession, even where that advice was legal advice which the professional person was qualified to give.”

WLR Daily, 23rd January 2013


Legal advice privilege should not extend to accountant’s advice, says Supreme Court – UK Human Rights Blog

Posted January 24th, 2013 in accountants, financial advice, news, privilege, Supreme Court by sally

“The Supreme Court has ruled that legal advice privilege should only apply to advice given by a member of the legal profession; that this is what the common law has always meant, and that any wider interpretation would lead to uncertainty. Two strong dissents do not find any principled underpinning for the restriction of the privilege to advice from solicitors or barristers.”

Full story

UK Human Rights Blog, 24th January 2013


Bar Council welcomes Supreme Court ruling on LLP – The Bar Council

Posted January 24th, 2013 in accountants, barristers, financial advice, news, privilege, Supreme Court by sally

“The Bar Council, which represents barristers in England and Wales, has welcomed the 5:2 majority ruling of the Supreme Court against extending legal professional privilege (LPP) to non-lawyers, following a case put forward by financial services group, Prudential, requesting that LPP be extended to protect advice given by accountants.”

Full story

The Bar Council, 23rd January 2013


R (on the application of Prudential plc and another) (Appellants) v Special Commissioner of Income Tax and another (Respondents) – Supreme Court

Posted January 23rd, 2013 in accountants, financial advice, law reports, legal profession, privilege, taxation by sally

R (on the application of Prudential plc and another) (Appellants) v Special Commissioner of Income Tax and another (Respondents) [2013] UKSC 1 | UKSC 2010/0215 (YouTube)

Supreme Court, 23rd January 2013


Blackstone’s Pannick fails to persuade Supreme Court to extend privilege to accountants – The Lawyer

Posted January 23rd, 2013 in accountants, financial advice, legal profession, news, privilege, taxation by sally

“The Supreme Court has refused to extend legal privilege to accountants offering tax advice.”

Full story

The Lawyer, 23rd January 2013


Fitness to Practice, Integrity: should you be able to buy a used car from this person? – 11 KBW

Posted November 7th, 2012 in financial advice, fraud, legal profession, mortgages, news, professional conduct by sally

“An important function for regulators of the professions is to ensure that the ‘wrong’ people do not tarnish the reputation and standing of their peers. In this paper, I shall discuss some recent examples of professional misconduct, and identify some common threads between different regulatory regimes”

Full story (PDF)

11 KBW, 31st October 2012


Woman ruined by Spanish property price collapse wins landmark compensation ruling – Daily Telegraph

Posted October 12th, 2012 in compensation, financial advice, mortgages, negligence, news by sally

“A woman who lost everything after investing in the Spanish property market has won a landmark legal ruling that could now benefit many others given bad financial advice.”

Full story

Daily Telegraph, 11th October 2012


Signing on Payments, Termination Without Cause and Repayment Conditions: a rare victory for the Collateral Warranty – Employment Law Blog

Posted October 3rd, 2012 in contracts, financial advice, news, warranties by sally

“In its recent judgment in Thinc Group-v-Armstrong [2012] EWCA Civ 1227, the CA has upheld a rare victory for that endangered species beloved of Lord Denning – the Collateral Warranty.”

Full story

Employment Law Blog, 3rd October 2012