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MenuMaking a negligence claim against a lawyer or solicitor for negligent legal advice can seem an incredibly daunting prospect, not least because the people you will be seeking to claim against are, by profession, adept at using the law to their advantage. Continue reading →
There are so many advisers out there in what can seem a bafflingly eclectic market. Of course, competition is a good thing, but wherever there is choice, there is the potential to make the wrong decision. So, who should you turn to for financial advice?
The Law Society is clear in its directives regarding financial advisors: only ever choose those who are independent.
One reason for this unambiguous stance is the professional body’s concern that by recommending other types of advisor, for example restricted, tied or multi-tied advisors, solicitors could make themselves vulnerable to financial advice negligence claims.
Many solicitors have in-house specialists for advising or recommending particular courses of action. As such, firms frequently see individuals in need of advice and direction on matters such as tax planning, property investment, and pension schemes.
The official position of the Solicitors Regulation Authority is that because many lawyers may not fully comprehend the different status of various types of advisor, its members should not seek to differentiate between “restricted” and “independent” advisors when making recommendations to clients – a position which contrasts with its former stance of exclusively recommending independent advisors.
The Law Society believes that the SRA’s current position is misguided. It said, “The Law Society has taken the unprecedented step of urging the profession not to follow the SRA’s new rules on recommending financial advisers to clients, warning that it could expose solicitors to negligence claims.
“We urge members to only recommend independent financial advisers (IFAs) to clients.
“The provision of independent financial advice has historically been one of the fundamental tenets of the profession. As such we would urge solicitors to disregard the liberalisation of the Handbook in this area and continue to only recommend IFAs.”
Healys LLP is an independent law firm offering specialist services to clients looking to recover compensation following the negligent or substandard services of a professional.
Our financial advice negligence claims teams work from our London and Brighton offices to provide clarity and direction, and, wherever possible, early and non-contentious settlement of a dispute. Contact us today for more information.
Misrepresentation is a fundamental breach of the professional-client relationship. If you have suffered financial loss after being misrepresented as to the services provided by a professional, whether an accountant, financial adviser, lawyer, architect, builder or other, it may be possible to make a claim for negligent misrepresentation.
Typically, there are three types of claim that can be made in these circumstances. These are listed below.
Even if you enter into a relationship with a professional who makes misstatements that he or she at the time believes to be true it may still be possible to pursue a claim for negligent misrepresentation.
If you become aware of this misstatement before the contract takes effect, you are within your rights to cancel it. However, in the event that the contract cannot be cancelled, there is scope within the Misrepresentation Act 1967 for clients to claim damages for any losses they incur.
One case relevant to this area of law is Cleaver and another v Schyde Investments Limited [2001] EWCA Civ 929. In this case the Court of Appeal upheld the County Court decision that a buyer who had agreed to purchase land with development potential was entitled to rescind the contract on the basis of the seller’s innocent misrepresentation in failing to provide notification of a significant restriction on the promised development potential.
Just as with cases of innocent misrepresentation, cases of negligent misrepresentation have grounds under the terms of the Misrepresentation Act 1967. Negligent misrepresentation may be deemed to have occurred where a professional makes a statement in which prima facie is true but might be altered by technical details at another level. If it can be proven that the professional should have known this and that the client should have subsequently been made aware, then a claim for negligent misrepresentation may follow.
In moral terms, this is the worst kind of misrepresentation. This is because fraudulent misrepresentation is where a professional makes a statement or representation recklessly, i.e. while either knowing it to be false or likely to be false.
In any such situation, the client has a right to void the contract and, where appropriate, claim compensation for any losses sustained.
If you have suffered financial loss as a result of the negligent misrepresentation of a professional, we can bring creative and authoritative legal solutions to benefit your case and, where appropriate, help you secure full compensation for your losses.
Contact our lawyers in our London or Brighton offices for more information about asserting your rights in law.
When you seek paid advice about a financial product or service, you have every right to expect that the investment professional will take full account of your particular circumstances. In the event that the advice you receive is negligent or unsuitable and it causes distress, inconvenience and financial loss talk to the professional negligence lawyers at Healys to bring clarity and purpose to your next steps. Continue reading →
Insurance brokers are specialists whose job it is to serve their clients with suitable insurance products – sometimes for a fee or commission. As such, there is a duty-of-care which must be upheld. Where failures in this duty of care constitute negligence and the client suffers financial loss as a result, it may be possible to claim compensation. Continue reading →
Over a near decade-long period up until 2008 many banks sold interest rate swap and hedging financial products to small and medium sized business, telling them that these products were in their interests and would protect them from the variability and fluctuations of the wider financial market. Continue reading →
During its infancy, when it was considered to be little more than a fad or the “dead” and virtual currency of the black market, it was hard to imagine that anyone would ever take the Bitcoin seriously. Yet, it is now widely-recognised, has been used to buy houses and other physical goods in the real world, and is seen by increasing numbers from the mainstream as a viable investment. Continue reading →
When someone seeks investment advice from a bank or other financial institution, they usually expect this information to benefit them. In many cases, those attempting to obtain this form of guidance have little knowledge of the subject area and, consequently, rely on financial advisers to keep their best interests at heart.
However, when bad investment advice results in financial loss, those adversely affected should seek legal advice from an experienced professional negligence solicitor.
In the majority of cases, financial advisers adhere to very high standards of care. However, previous research, published in 2013, has suggested that some companies may be frequently issuing inadequate investment information.
After conducting a series of mystery shops across several banking firms, the Financial Services Authority (FSA) revealed that 25% of those companies may be giving poor investment advice. Moreover, the organisation stated that, in 11% of cases, this information was “unsuitable”.
When looking at the FSA’s findings in more detail, the research also showed:
If seeking information from an independent financial adviser, the Investors Chronicle states individuals can take various precautions in order to minimise their chances of receiving poor quality advice, such as making sure the seller conducts a risk assessment, asking the professional plenty of relevant questions, and recognising that if the information appears ‘too good to be true’, then it probably is.
However, when a customer receives poor quality investment advice from a financial expert, then he or she may be able to make a professional negligence compensation claim if they were adversely affected by this information.
If you suffered financial loss after receiving poor quality investment information, you should seek legal advice from Healys LLP today.
Although this is a specialist area of law, our team of experienced and hard-working solicitors – based in London and Brighton – can determine if your claim is likely to succeed.
Please call us today for more information.
Healys professional negligence partners are committed to providing clear guidance and advice to those who believe that the negligence of a professional may have led to them suffering financial loss. Call our professional negligence lawyers in their London and Brighton offices today for more advice. Continue reading →
When we entrust our money to a bank, we are doing so because they provide a professional service and are there to keep our money safe. However, banks do sometimes make mistakes and, where a bank has provided a substandard or negligent service which has caused you to sustain financial loss, you may be able to claim compensation for the negligence of your bank. Continue reading →
