High legal costs for firms taking or defending professional indemnity claims may fall, following a review of fixed recoverable costs to be led by Lord Justice Jackson. The review, which will be completed by July 2017, will recommend whether to…read more
Advisers face liability claims throughout their retirement
More than eight out of ten financial advisers are concerned about the risk of negligence claims in retirement. Eighty five per cent of respondents to the Association of Professional Financial Advisers’ (APFA) latest ‘Cost of Regulation’ survey said that the…read more
Industry pledge designed to reduce construction disputes
A ‘Conflict Avoidance Pledge’ designed to help the industry to reduce the cost of disputes on infrastructure projects will be developed following an agreement by the UK’s leading construction and engineering professional bodies. The pledge will commit signatories to implement…read more
Wrong valuation method costs surveyor
The wrong valuation method landed a surveying firm with a hefty negligence bill. Property valuers Christie were found liable after they over-valued three seaside gaming arcades by £1 million. Barclays Bank appointed Christie to value three arcades in Great Yarmouth. …read more
Northern Rock brings £100m claim against Eversheds
Northern Rock Asset Management (NRAM) is suing international law firm, Eversheds, in a claim worth £100m. NRAM says it became liable to refund all the charges and interest it had charged to borrowers on loans following negligent advice from Eversheds….read more
IFAs can be liable for execution-only advice
Financial advisers can be deemed to have given advice and be held liable for giving advice – even where they believe that they have clearly stated that they are acting on an execution-only basis. A recent Financial Ombudsman Service (FOS)…read more
Cost of litigation in the spotlight
Detailed assessment of legal costs is required by the courts, even when these are within the overall budget following a recent ruling. The decision will help to keep the cost of litigation under control and will benefit insurers which usually…read more
New protocol to streamline construction and engineering disputes
Construction and engineering disputes may be managed more efficiently in future following the introduction of a revised pre-action protocol. Time limits have been shortened, paperwork simplified and an independent referee introduced. The revised pre-action protocol for construction and engineering disputes…read more
SRA data signals new attempt to reform solicitors’ professional indemnity insurance
The Solicitors Regulation Authority (SRA) has published new claims data as part of its attempt to reform the minimum terms for solicitors’ professional indemnity insurance (PII). It shows that ninety eight per cent of solicitors’ PII claims are settled for…read more
Complaints about agents jump 32 per cent in a year
Complaints about estate agents and letting agents have leapt by 32{0a6a65c996ed4169444354e707b897cdb00dbefc1d0429e8febb9bf11027ba53} over the last year according to The Property Ombudsman’s annual report. The Ombudsman received over 16,000 complaints from the public and resolved more than 3,300, finding against agents in…read more