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2 Lender Liability for Breach of Confidence

From: Principles of Lender Liability

Parker Hood

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2021. All Rights Reserved.date: 20 October 2021

Subject(s):
Breach of confidentiality — Data protection breaches — Remedies for lenders’ breaches — Criminal liability of lenders — Improper disclosure — Legal proceedings and monetary obligations
2.01 The most important duty on a banker,1 which arises from the general banking contract, is the implied obligation to keep its customers’ financial details confidential.2 This duty is a qualified one, rather than an absolute one.3 Indeed, it has been said that ‘[t]he existence of an efficient banking system based on a confidential relationship between the individual banks and their customers is a central feature of a modern economy’.4 Because the duty is a limited one, ‘common sense’ needs to be used to determine these limits.5 2.02 In this chapter, the impact...
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