Partner Simon Fawell comments on the possible expansion of the Quincecare Duty, which will be considered by the U.K. Supreme Court in Fiona Lorraine Philipp v. Barclays Bank UK PLC, in Law360.
Simon’s comments were published in Law360 on 31 January, and can be found here.
The U.K. Supreme Court is due to consider the Quincecare Duty once again in Fiona Lorraine Philipp v. Barclays Bank UK PLC. Established in the Barclays v Quincecare judgment from 1988, the duty imposes a legal requirement on banks to refrain from executing a payment instruction when ‘on inquiry’ (i.e. a reasonable banker would have grounds to believe) the instruction may be fraudulent, without first taking steps to satisfy itself that the proposed payment is legitimate.
In Law360, Simon commented: “This is a big deal for banks.”
“It goes hand in hand with prevailing winds, where greater burdens are being placed on banks to be a watchdog for their clients.”
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