Walker v Inter-Alliance Group Plc & Anor

Walker v Inter-Alliance Group Plc & Anor

Scottish Equitable, through Mr Boakes, breached statutory duty by giving prohibited investment advice to Mr Walker at two key meetings, which was an efficient cause of Mr Walker’s decision to transfer out of the Taylor Woodrow scheme. Mr Walker is entitled to damages to place him in the position he would have been in had he remained in the Taylor Woodrow scheme.

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
Civil / Judgment
Outcome
Judgment for the claimant against Scottish Equitable Plc.
Legal Topics
Breach of Statutory Duty, Investment Advice, Polarisation Principle, Causation, Damages, Personal Pension Transfer
Financial Services Regulation Pensions Law Tort Law Breach of Statutory Duty Investment Advice Polarisation Principle Causation Damages +1 more

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Parties

Michael David Walker

Claimant

Inter-Alliance Group Plc (in administration)

First Defendant

Scottish Equitable Plc

Second Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether Scottish Equitable, through Mr Boakes, provided prohibited investment advice to Mr Walker in breach of statutory duty
  2. 2 Whether Mr Walker suffered loss as a result of the breach
  3. 3 How damages should be quantified

Ratio Decidendi

Scottish Equitable, through Mr Boakes, breached statutory duty by giving prohibited investment advice to Mr Walker at two key meetings, which was an efficient cause of Mr Walker’s decision to transfer out of the Taylor Woodrow scheme. Mr Walker is entitled to damages to place him in 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.

Orders

  • Damages to be assessed on the basis of the sum required to purchase an annuity providing equivalent benefits to the Taylor Woodrow scheme, plus compensation for past loss.
  • Management fees and investigation costs incurred by Mr Walker are recoverable as damages.