Walker v Inter-Alliance Group Plc & Anor [2007] EWHC 1858 (Ch) (31 July 2007)

Walker v Inter-Alliance Group Plc & Anor [2007] EWHC 1858 (Ch) (31 July 2007)

The court found, on the evidence, that Mr Boakes (Scottish Equitable) did give investment advice to Mr Walker at the relevant meetings, in breach of the regulatory regime prohibiting such advice by product providers. This constituted a breach of statutory duty under the PIA Rules and Financial Services Act 1986. The court further found that Mr Walker relied on this advice in deciding to transfer out of the Taylor Woodrow scheme, and that he suffered loss as a result. The appropriate measure of damages is the sum required to restore Mr Walker to the position he would have been in had he remained in the Taylor Woodrow scheme.

Citation
[2007] EWHC 1858 (Ch)
Parties
Claimant: Michael David Walker; First Defendant: Inter-Alliance Group Plc (in administration); Second Defendant: Scottish Equitable Plc
Jurisdiction
England and Wales
Judgment Date
31 July 2007
Procedural Posture
Claim for Damages for Breach of Statutory Duty and Related Claims Arising From Pension Transfer Advice / High Court Trial Judgment
Outcome
Judgment for the claimant against Scottish Equitable Plc for breach of statutory duty.
Legal Topics
Breach of Statutory Duty, Investment Advice Regulation, Personal Pension Transfers, Duty of Care, Financial Services Act 1986, PIA Rules, Polarisation Principle
Financial Services Law Pensions Law Tort Law Breach of Statutory Duty Investment Advice Regulation Personal Pension Transfers Duty of Care Financial Services Act 1986 +2 more

Case Brief

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Parties

Michael David Walker

Claimant

Inter-Alliance Group Plc (in administration)

First Defendant

Scottish Equitable Plc

Second Defendant

Procedural Posture

Claim for Damages for Breach of Statutory Duty and Related Claims Arising From Pension Transfer Advice / High Court Trial Judgment

Legal Issues

  1. 1 Whether Scottish Equitable, through its employee Mr Boakes, gave investment advice to Mr Walker in breach of statutory duty under the PIA Rules and Financial Services Act 1986
  2. 2 Whether such breach caused loss to Mr Walker
  3. 3 How any loss should be quantified

Ratio Decidendi

The court found, on the evidence, that Mr Boakes (Scottish Equitable) did give investment advice to Mr Walker at the relevant meetings, in breach of the regulatory regime prohibiting such advice by product providers. This constituted a breach of statutory duty under the PIA Rules and Financial Services Act 1986. The court further found that Mr Walker relied on this advice in deciding to transfer out of the Taylor Woodrow scheme, and that he suffered loss as a result. The appropriate measure of damages is the sum required to restore Mr Walker to the position he would have been in had he remained in the Taylor Woodrow scheme.

Court Disposition

Judgment for the claimant against Scottish Equitable Plc for breach of statutory duty.

Orders

  • Scottish Equitable Plc is liable to pay damages to Mr Walker to restore him to the position he would have been in had he remained in the Taylor Woodrow pension scheme.