Professional Negligence and Liability

Chapter 12



1. Categories of financial advisers dealt with in this chapter

12.1 This chapter deals with the professional duties owed by financial advisers to their clients and the consequences of a breach of duty. The term “financial adviser” is simply a descriptive term referring to a person who gives advice on financial matters. But this chapter deals only with those whose job it is to give financial advice and who do so either as authorised persons under the Financial Services and Markets Act 2000 (“FSMA”) or in the course of working for such a person in accordance with the requirements of that Act.1 Generally, those advisers will give advice to ordinary members of the public in relation to investments, insurance, mortgages and related matters.

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