Financial Advisor Negligence

Professional Negligence

The old saying ‘a stitch in time saves nine’ is especially relevant when it comes to financial advisor negligence claim. If you think that a financial advisor (for example a doctor, dentist, vet, barrister or accountant) has been negligent and you may have a claim against them, don’t waste time.

But why the rush, surely if a serious mistake has been made, the guilty party must pay? There isn’t a statute of limitations on a financial advisor negligence claim is there? Well in effect there is and ignorance of this simple fact causes hundreds of potential claimants every year to wish that they had been quicker off the mark once their suspicions had been aroused.

Usually the professions are not backward at coming forwards when it comes to chasing their professional fees so what stops people like us from checking out our suspicions with a qualified solicitor who specialises in financial advisor negligence claims?

Perhaps they were simply unaware of the negligence until it is too late to do anything about it. This is however unlikely as financial advisor negligence is defined as misconduct or malpractice resulting in damages to a client.

Perhaps the client was unaware of the legal duty of care placed upon their professional negligence solicitor and simply didn’t know that they had the right to sue.

Inappropriate trust

Clients rely on their professional’s advice and they may come to believe, rather foolishly, that their advisor is infallible. Nobody enjoys accusing people that they have previously trusted, perhaps for several years, but it’s sadly true that even highly qualified professionals can get things wrong. Why do you think they pay large sums of money every year for professional indemnity insurance!

Perhaps you prefer a softly, softly approach and are tempted to complain to a;
professional negligence solicitor first and keep a possible professional negligence claim as a last resort. While this might be the ‘reasonable’ thing to do, be aware that some of these bodies can move extremely slowly and, in the meantime, time is running out. The best advice is to talk to a solicitor first.

Limited personal funds

Everyone knows that taking an action to court can be time consuming and expensive. Rarely is success guaranteed. Your friends may tell you it is better to write off the loss to experience rather than pay out a lot of money but do they really now the realities of this legal minefield? Always consult a specialist professional negligence solicitor to discuss your options prior to coming to a decision.

They will explore the merits of your claim and if it is valid, they will advise on which of the many funding options available would be best in your situation. In any event some professional negligence solicitors run claims under no win no fee schemes – so you won’t need to shell out hard cash.

Most professional liability specialists will actually try to save you time and money by seeking to negotiate an out of court solution with the other party. Only if this fails will the resort to going to court. Not unreasonably, you expect professionals to give you the best possible care and advice. If they let you down you may be able eligible for compensation but delaying could cost you dearly. If you think there has been professional negligence, speak to a specialist solicitor straight away so that you can proceed relying on expert advice.