Taking Accountants, Tax Consultants or Financial Advisors to court
The advice of your financial advisors to those individuals and businesses can be critical. If the advice you receive is inaccurate, the consequences can be costly and damaging and can lead to bankruptcy, liquidation of businesses or imprisonment.
You may have a potential claim if your legal advisers have:
- failed to detect fraud after an audit
- incorrectly advised you of your tax obligations
- given negligent tax advice on double taxation treaties, investments, corporation tax
- incorrectly advised you in offshore banking cases or illegal tax migration strategies
If you seek to bring an action for the negligence of your financial advisor, you must ensure that the advice you received was negligent as opposed to advice that you did not agree with. You must, as in every case, also establish that you experienced losses as a result.
What is a Swap Case?
There is a code of conduct where banks as regulated financial institutions are obligated to follow. In the majority of swap/mis-selling cases it is apparent that these rules were not followed and banks have failed to provide a clear explanation on the risks and potential liabilities associated with their products.
A vast number of claims/complaints have been made for mis-selling, if you think that your claim is in this are you may potentially have a claim in professional negligence against your institution. As with every claim, you should receive specialist legal advice before going forward.
How do I prove a breach of duty of care?
When you are thinking of initiating a claim against a professional for loss suffered as a result of his breach of duty of care, there are two important aspects to consider:
- You have a duty to mitigate your losses. This means that, if there are steps that you could (or ought) to take to reduce the level of your loss, you should do so. This is an issue that is most likely to be raised in any legal proceedings you may bring.
- In any claim for negligence there may be a defence of contributory negligence. That is, the professional may allege in his defence that you have suffered loss as a result of your own negligence. Where a defence of contributory negligence is raised and a court finds that you contributed to your own loss, any claim for damages will be apportioned accordingly.