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
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
The court in Luk Wing Yan v. CMB Wing Lung Bank Ltd. [2021] HKCFI 279 found the defendant not liable for the actions of one of its employees who fraudulently offered investments which caused loss to the plaintiff.
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One year on from Australia's Royal Commission on Banking -
The report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Report), was published one year ago....more
2/6/2020
/ Australia ,
Banking Regulators ,
Consumer Complaint System ,
Corporate Misconduct ,
Duty of Care ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Intermediaries ,
Legislative Agendas ,
Ombudsman ,
Regulatory Agenda ,
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Small and Medium-Sized Enterprises (SMEs) ,
UK
The Netherlands -
Breach of an accountant’s duty of care does not always lead to civil liability -
In the period of 2001-2002, two accountants drafted a company’s financial statements at the request of the owner who...more
11/8/2019
/ Accountant Malpractice ,
Accountants ,
Accounting ,
Accounting Standards ,
Civil Liability ,
Confidential Information ,
Constitutional Challenges ,
Corporate Misconduct ,
Criminal Prosecution ,
Duty of Care ,
International Tax Issues ,
Local Ordinance ,
PCAOB ,
Professional Liability ,
Standard of Care ,
Tax Advice
Hogan Lovells’ global team of securities and professional liability lawyers is uniquely positioned to monitor legal developments across the globe that impact accountants’ liability risk. We have experienced lawyers on five...more
8/26/2019
/ Accountant Malpractice ,
Accountants ,
Accounting ,
Duty of Care ,
Economic Sanctions ,
Enforcement Actions ,
Fines ,
Germany ,
Hong Kong ,
Memorandum of Understanding ,
Netherlands ,
Professional Liability ,
Prospectus ,
Regulatory Standards ,
Spain