On 25 November, an article from Stewarts says that the Quincecare duty of care was established in a 1963 court case and until recently had had limited judicial consideration. Lately, there have been several commercial cases brought before the English courts where claimants have sought to recover hundreds of millions of pounds of damages from financial institutions for alleged breaches of the Quincecare duty. The article examines these cases and looks at how the Quincecare duty extends not only to banks but to other businesses dealing with client monies. It says that the increase in cases alleging breach of the Quincecare duty will be a concern for any company that handles payments on behalf of its customers; and this is particularly so where the level of regulation on companies in respect of AML and KYC means there is an increased expectation on them to pick up suspicious activity and take action. A failure to do so may see them on the wrong end of a Quincecare claim where a customer suffers a loss. However, a widening of the duty will be helpful for victims of fraud in trying to recoup some of their losses as it provides scope to pursue institutions with deep pockets.
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