Financial Advisers Liability

Financial Advisers

What we do

We are experts in advising financial advisers and their insurers on defending claims brought against them.

We act for some of the leading insurers and insureds and our clients range from some of the largest national networks of financial advisers, mortgage and insurance intermediaries to sole practitioner Independent Financial Advisers (IFAs). We have also advised on the defence of claims relating to financial advice in a wide variety of other contexts including against the private banking arms of retail banks, the wealth management businesses of investment banks, and some of the leading life insurance companies.

Our expertise and structure means we are able to handle the whole spectrum of claims which financial advisers may face – ranging from higher value multi-party court proceedings to lower value complaints to the Financial Ombudsman Service – all in a cost efficient but effective manner. We are experienced in providing our clients with strategic advice on handling multiple customer complaints relating to particular product lines or other systemic issues and in mitigating their future risks in relation to these. We also regularly provide support to insurers in relation to coverage issues that arise in this area. We combine our extensive sector knowledge with our commercial and strategic approach to litigation to provide a quality service to our clients.

What we are known for

We have advised on mis-selling claims relating to the full range of retail finanical products including investments, pensions, protection, mortgages and insurance. We have experience of all the major recent mis-selling issues, including: pension transfers and liberation; Keydata and other Traded Life Policy Investments such as ARM and EEA; Arch Cru; Unregulated Collective Investment Schemes; property funds including Harlequin and Arck; tax schemes including film finance and carbon credit schemes; the AIG bond; geared traded endowments; Payment Protection Insurance; and, interest rate swaps.

Our Financial Ombudsman Service experience includes advice on limitation, jurisdiction, procedure, case presentation, the potential to challenge decisions, enforcement and the wider implications of decisions from the perspective of a firm's obligations under the Dispute Resolution: Complaints (DISP) section of the Financial Conduct Authority (FCA) Handbook.

Detailed elements of our services

We understand the issues pertinent to financial advice businesses and the wider commercial and regulatory landscape in which claims arise. This deep knowledge and understanding enables us to provide incisive case management which minimises claim payments whilst being sensitive to broader regulatory and reputational issues.  In particular:

  • We are able to give advice on regulatory requirements around suitability and Treating Customers Fairly and the evolving requirements of the FCA in relation to the handling of customer complaints.
  • We frequently advise clients involved in FCA or Prudential Regulatory Authority investigations and enforcement proceedings. We work alongside out team of financial services regulatory specialists and have a strategic view of issues in this sector.

We also have specialist knowledge in the pensions arena, acting for pension trustees (onshore and offshore), actuaries and SIPP providers, which complements the assistance we provide to financial advisers. This experience helps us defend financial advisers facing claims about pension advice, transfers, SIPP / SSAS establishment, investment selection, QROPS rules, systemic advice errors and scheme transfers to the Pension Protection Fund.

Dan Preddy is well regarded as a "really good-quality operator" with significant litigation experience. He handles cross-border disputes and is particularly active in the financial services and insurance fields.  Chambers and Partners UK, 2016 Edition.

Dan Preddy, who led on a number of high-profile financial services instructions, is ‘commercial’, and ‘keeps the costs in proportion to the value of the litigation’. – Legal 500 UK, 2015

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