Professional Liability News: Focus on Financial professionals
Financial Professionals :"May you live in interesting times": whilst the story of the translation of an ‘ancient curse’ is probably apocryphal, the sentiment is certainly true: “interesting” times are usually times of trouble. Lucy Tolond discusses new areas of emerging risk on the horizon for financial professionals, including accountants, financial advisers, and pension professionals. Read here
Auditors: In a previous article we discussed how the recent Virgin Media case and ongoing actions related to the Boots Pension Scheme could potentially increase claims against pension professionals, including actuaries, solicitors, benefit consultants, and trustees. In this article, Harriet Quiney examines this significant decision from a different perspective, focusing on its implications for auditors. Read here
Insolvency Parctitioners: With corporate insolvencies at a 30-year high, claims against Insolvency Practitioners are increasing. Lucy Tolond and Ryan Marwood consider a recent High Court decision which provides helpful further commentary in relation to claims against former administrators. Read here
Insights from other areas:
Brokers: The recent Court of Appeal decision in Norman Hay Plc (in Members’ Voluntary Liquidation) v Marsh Ltd [2025] provides valuable insight into the courts’ approach to causation and “loss of chance” in the context of brokers’ negligence. Harriet Quiney and Trishna Radia consider this important decision which is illustrative of the proposition that when applying to strike out a claim or for summary judgment, the burden is on the applicant, and the test is whether the claim or defence has a real prospect of success. Even if one route to damages will not work, the Court will not strike out a claim if there are other possible routes (though it might strike out part of a claim). Read here
Construction: Robert Goodlad considers two recent decisions from the TCC:
- Building Liability Orders are a key feature in the Building Safety Act 2022 – sharing the liability of one company with an associated company. We consider a recent landmark TCC decision in which the Court awarded the first Building Liability Order. Read here
- A recent TCC judgment considers the scope of the court’s power to make Information Orders under the Building Safety Act 2022, and their impact on related decisions to apply for Building Liability Orders to enforce liability against associated companies. Read here