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Advising on investment risk—remoteness of loss

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Published on: 20 September 2012
Published by a LexisNexis Commercial expert

Table of contents

  • Original news
  • What did the court decide?
  • Why was a private action taken?
  • What should lawyers do now?

Article summary

Commercial analysis: What does the recent Court of Appeal decision mean for remoteness of loss in the financial industry? The court agreed the HSBC advisor (Mr Marsden) was in breach of FSA Conduct of Business Rules (COB) in poorly advising Mr Rubenstein on product risk. Robert Morfee, civil litigator and Clarke Willmott partner, who acted for Mr Rubenstein believes the most surprising aspect of the case is that HSBC allowed it to go to trial at all.

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