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Abandoning Bolam: a new standard for advising on investment risk

Overview

There has been a change in how the court will assess whether a financial advisor has used reasonable care and skill when giving investment advice.  

Following Supreme Court case law in the medical negligence field, Kerr J declined to rely on the traditional Bolam test (ie the standard of a reasonably competent practitioner in the same field) and favoured an approach based instead on the advisor's duty to explain risk to a client: O'Hare & ors v Coutts & Co [2016] EWHC 2224 (QB).

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