Financial adviser negligence

A call for the 2019 Loan Charge to be amended

The Early Day Motion states “this House expresses its concern at the 2019 Loan Charge;.....notes that HMRC are aggressively pursuing individuals through Advanced Payment Notices with no independent right of appeal; further believes that the Charge is likely to cause financial distress and bankruptcies, impeding HMRC's ability to recover these tax liabilities and causing a devastating impact on people; believes that retrospectively taxing something that was technically allowed at the time, is unfair; ....

Stamp Duty Land Tax (SDLT) Avoidance Schemes

Stamp Duty Land Tax (SDLT) avoidance schemes have returned to the headlines following the handing down of a judgement of the First-Tier Tax Tribunal in the case of (1) Crest Nicholson (Wainscott) Limited (2) Crest Nicholson (South East) Limited (3) Crest Nicholson Operations Limited –v- The Commissioners for Her Majesty’s Revenue & Customs, [2017] UKFTT 134 TC05628.

Claims against financial advisers for negligent investment advice and breach of statutory duty

We regularly make claims for clients who have lost money through bad financial advice. Often these claims result from advice to invest in products that are unsuitable for the client. An investment in high risk ventures for a client whose preference and risk profile were for cautious, safer investments, leaves the adviser exposed if losses result.

Interest rate hedging product mis-selling – when is a claim out of time?

In the recent case Kays Hotels Ltd v Barclays Bank PLC [2014] Barclays tried to strike out a hedge mis-selling claim on the basis that the borrower’s claim was made too late. Barclays argued that because the borrower had been paying large sums on the interest rate hedging product for such a long time, it must have known it had a mis-sale claim, yet had failed to act on it and was now out of time.

The risks and dangers of Unregulated Collective Investment Schemes

Some months after the Financial Services Authority published proposals to ban the promotion of Unregulated Collective Investment Schemes (UCIS) and similar products to most retail investors in the UK, a number of recent decisions and claims have highlighted the risks and exposure for advisers who have recommended and/or sold UCIS, without sufficient explanation of risk or consideration of suitability.

Interest rate swap misselling

Interest rate swaps were originally devised for trading between financial institutions and big corporations. Difficulties have arisen when similar products have been sold to smaller businesses including property developers, hoteliers and so on. It is currently estimated that 40,000 SME’s were mis-sold interest rate swaps. Certain banks have, as a consequence, agreed they will provide redress to non-sophisticated customers.
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