Professional Negligence: Adviser Beware
The Court of Appeal recently gave guidance on the circumstances in which there can be said to be a duty of care in relation to the provision of investment advice - regardless of what has been agreed contractually. Ross Risby explains
On 13 June, 2006, in Riyad Bank v Ahli Bank (UK), the Court of Appeal gave guidance as to the circumstances in which a duty of care will be found to exist, notwithstanding that the commercial relationship between the parties has been structured to avoid a contract between the professional and the recipient of its advice. Lawyers and commercial clients engaged in providing others with advice would do well to take note.
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