The claimant had been negligently advised to swap to a personal pension plan. He was to receive damages in respect of that loss, but, in the meantime, the pension company, of which he had become a member de-mutualised, and he became entitled to shares in the new company. The adviser sought to reduce the damages payable by the value of the shares. There was in fact no sufficient connection between the negligent act and the benefit received. The demutualisation in no way arose as a consequence of the negligence, even though it would not have been received but for relying upon the advice.
Judges:
Morritt VC,
Citations:
Times 09-Aug-2001, Gazette 27-Sep-2001, [2001] EWHC Ch 5, [2002] 3 All ER 501
Links:
Statutes:
Financial Services Act 1986 62
Jurisdiction:
England and Wales
Cited by:
Cited – Primavera v Allied Dunbar Assurance Plc CA 4-Oct-2002
The claimant purchased a pension plan relying upon advice from the defendant. Since discovering the error, the plan had in fact prospered. The respondent appealed the judges failure to allow fully for the improvement when assessing damages.
Lists of cited by and citing cases may be incomplete.
Financial Services, Damages, Professional Negligence
Updated: 01 February 2022; Ref: scu.136177