If you have suffered a financial loss due to your accountant’s advice you may be entitled to claim compensation from them. Every professional has a duty of care to their clients. The work and advice they give you has to meet a professional standard. If the advice given falls below the standard you should reasonably expect from an accountant then you may be able to sue your accountant for negligence.
Accountants are used by both businesses and individuals to offer advice on a range of matters. Like most professionals, the majority of accountants offer a very competent service. If you have paid for the expertise of an accountant you rightfully expect that they will offer you sound advice based on their knowledge and experience.
However, occasionally things to go wrong, you receive poor and negligent advice and suffer financially because of it. In these instances a professional negligence solicitor can assist you to regain your financial loss and compensation for the negligent advice.
It’s worth noting that anyone can call themselves an accountant. So, it’s advisable when you are seeking accounting advice to use a recognised professional. The majority of accountants in England and Wales are either accredited by the ACCA (Association of Certified Chartered Accountants) or the ICAEW (Institute of Chartered Accountants in England and Wales)
Both the ACCA and ICAEW have a complaints procedure designed to help you make an initial complaint if you feel one of their members offered you poor advice or you’re not happy with the service provided. This approach is mainly for poor service rather than negligent advice. However, it is worth following this process.
If you feel you have more than a complaint where you have a financial loss due to the negligent advice it is important to work with a professional to secure compensation and help you recoup your finances.