Scope of Duty and Economic Loss – How Does a Recent Supreme Court Decision Affect UK Pension Schemes and Their Advisers?

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    Webinar

    Earlier this year, the Supreme Court in Manchester Building Society v Grant Thornton UK LLP [2021] UKSC 20 significantly reformulated the test for the duty of care owed by professional advisers to their clients. The head of our Litigation team in the UK, Anthony Taylor, acted for Manchester Building Society in the case. The judgment is the most detailed review of what constitutes a professional duty in almost 25 years (since the SAAMCO decision of 1997) and closely examines the long-standing difference between “information or advice” (and when it matters).

    This decision has wide-reaching implications for all those taking and giving professional advice. The Supreme Court has held that when considering the duty owed, courts should now consider whether the losses incurred are the very thing the professional advice was supposed to guard against. Going forward, professionals giving advice will need to pay heed to the purpose of their advice and how that relates to their duty to their clients. Clients and advisers will need to make sure that their terms of engagement are absolutely clear on the agreed purpose of the advice being sought.

    In this webinar, partners Clifford Sims (Pensions), Victoria Leigh (Pensions Litigation) and Anthony Taylor (Litigation) will:

    • Provide a recap of the principles of negligence
    • Explain the new scope of duty test as laid down in the Manchester Building Society decision
    • Look at the implications for pension schemes and their advisers
    • Consider the impact on retainers in the future

    The webinar will review the new law generally and in context for those providing pensions advice. The webinar should be of interest to trustees and corporate sponsors of pension schemes, actuaries, investment consultants, auditors, covenant advisers, administrators and asset managers.