LMA briefing Q1 2021: cases looking at duty of care owed by banks to their customers

LMA briefing Q1 2021: cases looking at duty of care owed by banks to their customers

In this briefing, the LexisPSL Banking & Finance team look at two recent cases dealing with the duty of care owed by banks to their customers. The first case: Philipp v Barclays Bank UK plc [2021] EWHC 10 (Comm) considers an attempt to expand the application of the Quincecare duty to cover payment instructions made by individual customers of a bank. The second case: Aegean Baltic Bank SA v Renzlor Shipping and others [2020] EWHC 2851 (Comm) examines the duty of care a bank owes to its customer when enforcing a security assignment over insurance arrangements. The coronavirus (COVID-19) pandemic has provided the backdrop to a rise in cases of fraud against individual bank customers and an increased likelihood that banks will need to enforce security. As a result, banks will need to be alive to these issues even more than usual.

Click here to read the briefing.

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