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Claim against financial advisor accrued on date of negligent advice
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The Court of Appeal allows appeal from High Court, and grants order dismissing a claim against financial advisors for negligent advice regarding a pension-backed mortgage, on the grounds that it was statute-barred. The deceased, having been misadvised on a financial product unsuitable for his circumstances, incurred liabilities he could not repay. The court found that the cause of action accrued when the deceased entered into the transaction.
Court of Appeal, negligence, financial advice, pension-backed mortgage, Statute of Limitations Act 1957, cause of action, statute-barred, economic loss, tax relief, General Medical Scheme (GMS), investment product, liability, mortgage loan, repayment, estate, executors, mis-sold financial product, unsuitable investment, encashment of policy, actionable loss, quantification of damages, benefits and burdens analysis, contingency.
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