Archive for the 'financial advice' Category

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

“Where trustees, acting within their powers, carried out a transaction which was said to be vitiated by breach of trust on the ground that the trustees failed to have regard to a relevant matter, and where the reason that they did not have regard to it was that they had obtained and acted on advice from apparently competent advisers which turned out to be incorrect, then the charge of breach of trust could not be made out and the transaction was not voidable.”
WLR Daily, 10th March 2011
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Barclays’ £60m compensation bill – BBC News

“Thousands of people investing their retirement savings were given poor advice by Barclays, which must now pay millions of pounds in compensation.”

Full story

BBC News, 18th January 2011

Source: www.bbc.co.uk

Legal privilege should not extend to accountants, rules Court of Appeal – OUT-LAW.com

“The right to keep correspondence and documents relating to legal advice secret does not exist when the person giving the advice is an accountant, the Court of Appeal has ruled.”

Full story

OUT-LAW.com, 18th October 2010

Source: www.out-law.com

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

Regina (Prudential plc and another) v Special Commissioner of Income Tax and another (Institute of Chartered Accountants in England and Wales and others intervening) [2010] EWCACiv 1094; [2010] WLR (D) 251

“Legal advice privilege applied only to advice given by a member of the legal profession.”

WLR Daily, 13th October 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Court of Appeal confirms limits to legal professional privilege – Law Society’s Gazette

“The Court of Appeal today unanimously confirmed that legal professional privilege (LPP) only applies to qualified lawyers – solicitors and barristers. The decision was welcomed by the Law Society as giving certainty to solicitors and their clients.”

Full story

Law Society’s Gazette, 14th October 2010

Source: www.lawgazette.co.uk

Retail investment reforms are a call to action for the industry, says FSA – OUT-LAW.com

“The Financial Services Authority’s proposed new rules for the retail investment industry will impose a complete ban on commission-based sales and require firms to tell customers from the outset whether or not their advice is independent and how much it will cost.”

Full story

OUT-LAW.com, 30th June 2009

Source: www.out-law.com

Financial Services Authority shuts record number of rogue advisers – The Times

“The City watchdog has banned a record number of firms that sell mortgages, pensions, investments and insurance.”

Full story

The Times, 14th April 2009

Source: www.timesonline.co.uk

Broker escapes jail over forged FSA applications – The Times

“The first person to be prosecuted by the Financial Services Authority (FSA) over falsifying an application for authorisation to sell financial products has been given a suspended sentence.”

Full story

The Times, 18th November 2008

Source: www.timesonline.co.uk

Collymore wins damages over financial advice – The Independent

“Stan Collymore today won more than £1.5 million in damages from financial advisers who invested money he made from his footballing career.”

Full story

The Independent, 20th October 2008

Source: www.independent.co.uk

Shore v Sedgwick Financial Services Ltd and Another – Times Law Reports

Shore v Sedgwick Financial Services Ltd and Another

Court of Appeal

“If a client, on the advice of a financial expert, transferred his pension investment from one old safe pension scheme to a new risky pension scheme, in which the value of his investment went down, the client’s right to sue the adviser in negligence accrued when the transfer was made; it was not contingent upon the occurrence of loss.”

The Times, 12th August 2008

Source: www.timesonline.co.uk

Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.

Shore v Sedgwick Financial Services Ltd and another – WLR Daily

Shore v Sedgwick Financial Services Ltd and another [2008] EWCA Civ 863; [2008] WLR (D) 255

“Where a client, on the advice of a financial adviser, shifted his pension investment from a relatively safe occupational final salary pension scheme to a new more risky personal pension income withdrawal scheme, which later suffered in value owing to falling annuity rates, the client’s right to sue the adviser in negligence accrued on the date when the transfer was made and was not contingent upon the subsequent occurrence of loss in value or his even later discovery of such loss.”

WLR Daily, 25th July 2008

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.


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