The unprecedented disruption caused by Covid 19 may have resulted in you, or your business, suffering loss as a result of a failure on the part of a professional advisor to carry out work for you with reasonable care and skill.
Despite the upheaval caused by the coronavirus pandemic, and despite over 30% of the UK workforce being furloughed, your professional advisor still had a duty to act in your best interests, and if you have suffered loss you may have a claim.
Many professionals have received advice from their professional bodies and others as to how they should ensure clients are protected during any delay arising as a result of Covid 19, but regrettably some have failed to take that advice resulting in clients sustaining losses.
To date examples of claims we have seen include:
- An accountant who failed to advise clients on prompt action to reduce their tax liability resulting from the change in entrepreneurs relief, which came in on March 11th 2020, resulting in a loss of 10% relief on the value of a business on sale.
- A solicitor who failed to complete a Will in a timely fashion resulting in a victim of Covid 19 passing away intestate.
- A solicitor who missed a court appointment resulting in the client’s claim being struck out.
- A solicitor (working remotely) who failed to issue proceedings before the limitation date expired resulting in the claims being struck out.
- A surveyor who failed to turn up at a property on a date promised resulting in a serious flood in the premises.
- A pension advisor who failed to advise a client to move funds in time resulting in the client having to crystallise a pension prematurely.
- An insurance broker who failed to put a client on cover resulting in a motor claim being refused by the insurer.
Although Covid 19 is an explanation for these incidents, it is not an excuse and those who have suffered loss should be compensated.
At Specters we look at the facts of each case to determine whether the actions of your professional advisor have fallen below the standard of care required of members of that profession.
Although you will ultimately make the decision as to whether to proceed with your claim, the losses sustained could impact on you or your business for a long period and at a time of significant financial challenges.