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6 Liability of Lenders for Negligence

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: 23 October 2021

Subject(s):
UK Financial Services Authority (FSA) — Financial Services and Markets Act 2000 — Breach of statutory duty — Recovery and Resolution Plan (RRP) — Civil liability of lenders — Regulatory liability of lenders — Banker-customer contract — Obligations to advise on transactions
6.01 The nature of modern banking and financing, in which lenders are not only providing loans and general banking services, but also selling financial products of varying sophistication and complexity, and engaging in lucrative, but potentially risky, transactions, means that, whilst the rewards are higher, so too are the risks, as recent events surrounding the worldwide recession and credit crunch have shown. One result of this increased activity with the commensurate risk, and the very large sums of money involved, is that customers, or third parties, who have...
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