It stands to reason that when you entrust your financial affairs to a professional, you do so on the understanding that they have the specialist knowledge and skill to complete the task entrusted to them, or to manage your finances with sufficient care and skill to protect your investment.
In most cases, the professional does provide that service and does so to a high standard, but with the best will in the world, there will be times where mistakes happen. Non-exhaustive examples of such mistakes would include:
- Failing to advise
- Failing to provide essential information
- Providing incorrect, ambiguous or misleading advice
- Failing to take account of critically important information
- Generally poor management
All of these examples may give rise to a claim in Professional Negligence, to recover financial loss arising as a consequence of the professional’s failure.
There may also be times (thankfully rare) when a professional deliberately uses your finances to make a financial gain. Non-exhaustive examples of such conduct would include:
- Breach of trust
- Failure to disclose a material fact.
Sometimes, deliberate conduct may amount to a criminal offence, but where there is no prosecution, or where a prosecution does not ensure your money is recovered, you may be able to bring a claim requiring the professional to account to you for any financial gain they have made.