News & Analysis as of

Duty of Care United Kingdom

King & Spalding

UK Looks to Tighten Online Content

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Political pressure increasing on social media companies to police their platforms - Over the course of a week in August, the UK experienced widespread civil unrest with crimes such as rioting, vandalism, looting and...more

Hogan Lovells

Auditors’ liability – English case casts doubt on effectiveness of disclaimers in negligence actions

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A recent English case may cause concern amongst Hong Kong auditors hoping to protect themselves from liability towards third parties by the inclusion of standard disclaimer wording in their engagement agreements. The decision...more

Latham & Watkins LLP

FCA Sets Out Latest Areas of Focus Under the Consumer Duty

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FCA finds firms have been working hard to embed the Duty, but there remains room for improvement. On 20 February 2024, the FCA published more information on the Consumer Duty, including a publication highlighting good...more

BCLP

AI Recipe for Success - What Does Responsible Adoption of AI Really Mean in the Context of the Consumer Duty?

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The FCA have stated that firms should “have scope to innovate whilst protecting consumers” – but what does this mean in the context of rapidly developing AI technology? In particular, how does the higher standard imposed by...more

BCLP

Duty Bound - Paved with good intentions? The future of the Consumer Duty

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The intention behind the implementation of the Consumer Duty is commendable. However, as firms seek to comply with the new requirements, there is a real risk that it may drive unintended, negative consequences....more

Conyers

Beyond the Betrayal: Navigating Strategies for Victims of APP Fraud

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Authorised Push Payment (“APP”) fraud, where victims are tricked into authorising payments to fraudsters, resulted in losses of £485.2m in 2022 and is reported to have risen by 22% in 2023. With consumer protection laws...more

Hogan Lovells

When push comes to shove - UK Supreme Court issues definitive guidance on banks' Quincecare duties

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The UK Supreme Court in Philipp (Respondent) v Barclays Bank UK Plc (Appellant) [2023] UKSC 25 has confirmed that the so-called "Quincecare duty" – a duty on a bank to refrain from executing a payment instruction from its...more

Cooley LLP

A Taxing Question: Just When Does a Duty of Care Arise?

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The decision of the Court of Appeal in the closely watched case of David McClean & Ors v. Andrew Thornhill KC helpfully rearticulates the established principles governing when a duty of care may arise and the scope of such a...more

Robinson+Cole Data Privacy + Security Insider

UK Law May Create ‘Duty of Care’ for Social Media Companies

The UK is reportedly considering legislation that would impose a ‘duty of care’ on social media companies to regulate harmful content on their platforms. This push for an online safety bill was triggered by the high-profile...more

BCLP

What will the disputes landscape look like for firms subject to the Consumer Duty?

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On 27 July 2022, the FCA published its policy statement, PS22/9, setting out its final rules for its new Consumer Duty (“Duty”), together with accompanying non-Handbook guidance. The Duty aims to set higher standards of...more

Hogan Lovells

FCA final Consumer Duty rules and guidance published: time for firms to put the pedal to the metal

Hogan Lovells on

With the publication of the final rules there is now only a year to go before firms must comply with their Consumer Duty obligations. The FCA has emphasised that this must be a major cultural shift. While it’s good news that...more

WilmerHale

AI and Algorithms in Financial Services - Future Areas of Focus

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Artificial intelligence (AI) and algorithmic models are used extensively in the financial services sector across a broad range of business areas. Two-thirds of respondents to a survey conducted jointly by the UK’s Prudential...more

BCLP

Banking Bites - June 2022

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New High Court case considers nature and scope of the Quincecare duty - In June, the Court of Appeal expanded the scope of a bank’s duty of care to protect its customers from fraud to encompass instructions by those other...more

BCLP

Banking Bites - May 2022 #2

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Privy Council rules against extension of the Quincecare duty - Does a bank owe a duty of care to a person who is the beneficial owner of funds held in the account of a customer of the bank and who has been defrauded by...more

Latham & Watkins LLP

UK High Court Rules on Liability of Bitcoin Software Developers

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The Court held that software developers do not owe a duty of care to bitcoin owners who lost their private keys. In Tulip Trading Ltd (TTL) v. Bitcoin Association for BSV and others, TTL claimed that personal computers of...more

White & Case LLP

Left to their own devices: No duty arises between cryptoasset software developers / controllers and cryptoasset owners

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In Tulip Trading Limited v Bitcoin Association for BSV, the High Court summarily dismissed Tulip's claim against certain bitcoin software developers and controllers. In doing so, the Court held that cryptoasset software...more

Morrison & Foerster LLP

Online Harm, Hate and Illegal Content: UK Adds to Online Safety Bill

The UK government has introduced its Online Safety Bill to Parliament. The new Bill was amended at the last minute to include new online offences and greater obligations on technology providers to do more to prevent “harmful...more

Cohen & Gresser LLP

A New Angle on Banks’ Duties to Customers in Fraud Cases: Philipp v Barclays

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What is the scope of banks’ duties to customers in executing their customers’ instructions? In particular, what are banks’ duties if the instruction is the instrument of fraud? Earlier this month, the Court of Appeal...more

White & Case LLP

Court of Appeal: Banks’ Quincecare duty may apply to instructions from defrauded customers

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In Philipp v Barclays Bank UK PLC, the Court of Appeal held that the Quincecare duty may apply to direct customer instructions (not just those through an agent), such that banks may be liable for failing to protect against...more

Eversheds Sutherland (US) LLP

The UK’s Financial Conduct Authority has proposed a heightened Consumer Duty on regulated firms

In December 2021, the United Kingdom’s Financial Conduct Authority (FCA) issued a consultation paper publishing a revised proposed new Consumer Duty that would govern FCA-regulated firms’ interactions with retail clients. The...more

Morrison & Foerster LLP

UK Litigation - A Year in Summary

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This year saw the UK grapple with life after Brexit and, along with the rest of the world, the impact of the continued COVID-19 pandemic. As 2021 draws to a close, we round up the key events and developments from the year in...more

Latham & Watkins LLP

UK FCA Publishes Detailed Plans for New Consumer Duty

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FCA makes clear that it expects a cultural shift in how firms focus on consumers. On 7 December 2021, the FCA published its second Consultation Paper (CP21/36) on introducing a new Consumer Duty....more

Goodwin

Litigation Insights - July 2021

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FOREWORD - On behalf of the new and expanding Goodwin London litigation team I am delighted to welcome you to our first ever ‘Litigation Insights’: a series of quarterly updates on important and interesting developments...more

A&O Shearman

New legal test for professional negligence: Manchester Building Society v Grant Thornton

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Supreme Court restates the SAAMCO principle in relation to damages for negligent professional advice....more

McDermott Will & Emery

The New German Supply Chain Due Diligence Act (With a View Across the Border)

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On 11 June 2021, the German Federal Parliament approved the draft bill on corporate due diligence in supply chains (Supply Chain Due Diligence Act), which was approved by the German Federal Council without any changes on 25...more

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