Call +44(0)161 941 4000
Call +44(0)161 941 4000
Accountants are regulated by one of two professional organisations.
Both of these organisations offer complaint procedures for individuals who have suffered from negligent advice from an accountant. While this form of complaint procedure can provide positive outcomes there are instances where the outcome is unsatisfactory and you may need to take further action to recover your losses.
Examples of accountant negligence:
If you engage the services of an independent financial advisor (IFA) or stockbroker, they have a duty to act with reasonable care and skill when providing advice or handling or investing money.
If you have received negligent advice or been mis-sold a financial product, and suffered a loss as a result, you may be able to bring a professional negligence claim.
Independent financial advisors and stockbrokers are regulated by the Financial Conduct Authority (FCA). The FCA has a Code of Conduct which all financial advisors should abide by.
If you have received bad or poor advice or a level of service that is sub-standard, you should firstly make a complaint to the relevant firm’s complaints department. However, internal complaints procedures do not always result in a satisfactory result. If so, your next step should be to contact the Financial Services Ombudsman.
This independent body can carry out an investigation and may be able to award compensation.
However, any compensation awarded by the Ombudsman may not reflect the losses you have suffered as a result of the IFAs or stockbrokers negligence or breach and court proceedings can always be brought for the full amount of losses you have suffered. The Ombudsman can only award up to £150,000 so if your claim is in excess of this sum you should consider court proceedings. We can assist with complaints to the Ombudsman and court proceedings where necessary.
Negligence involving IFAs and stockbrokers can often be complex and technical. In order to successfully bring a negligence claim against the financial advisor in question, you will have to show that the advice you received was not consistent with advice that another reasonable professional would have given.
That will often require expert evidence from an independent financial advisor.
Loss alone does not constitute grounds for a negligence claim against a financial advisor. For example, if an investment loses value due to unforeseen economic circumstances, it may not be the IFA’s fault.
Conversely, if your financial advisor has been negligent but no loss is caused, again your claim may not be successful.
Given the complexities of our tax system, it is very common for individuals and companies to seek the assistance of tax advisers. Advice is often sought regarding tax avoidance schemes which allow an individual to reduce the amount of tax that might be otherwise payable. In certain situations, HMRC can take issues with such schemes meaning that the clients are left with a large backdated tax bills plus potential fines for late payments.
Tax advisers owe their clients a duty of care. It is a legal requirement that the tax advisor will provide a reasonably competent level of service. If this duty is breached and a financial loss is caused, there may be grounds to bring a professional negligence claim against the tax advisor in question.
Our litigation department is rated as “top tier” by the independent legal 500 so you can be assured that you will receive the best possible care and legal advice.
We offer a no obligation, free assessment of your professional negligence claim and we are flexible when it comes to funding claims. We will often work under a conditional fee arrangement (“no win, no fee”).
If you have suffered negligent advice from a financial advisor or accountant please contact our specialist solicitors for your free assessment.
We have a wealth of expertise both in bringing and defending complex and high-value claims. Our fees are fair and transparent and we are happy to discuss funding arrangements with you with no obligation.
We will advise you at the outset about any liability you may have for legal costs. Our fees are competitive in comparison to other law firms, especially in comparison to the larger law firms based in the UK’s main legal centres of London, Birmingham and Manchester.
We also have good relationships with legal expenses brokers and insurers who can provide legal expenses insurance policies to cover any adverse legal costs.(ATE Insurance).
We will act on a “no win no fee” basis ( a Conditional Fee Agreement) in appropriate cases.
Regardless of how you decide to fund any claim, we are committed to working with you to find a reasonable and cost-effective solution for your dispute.
Home-grown or recruited from national, regional or City firms. Our specialists are experts in their fields and respected by their peers.
Adam is a Partner and is Head of our Commercial Litigation department
Tim is a Senior Partner in our Commercial Litigation department
Suzanne is a Senior Solicitor in Myerson’s Dispute Resolution team
Sven is a Legal Director in our Commercial Litigation department.
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