Goldstone & Anor v Becque Wayman Investments Ltd & Ors

Goldstone & Anor v Becque Wayman Investments Ltd & Ors

ESP was the contracting party with the claimants and owed contractual and tortious duties of care. ESP, through Mr Wayman, breached those duties by misrepresenting the investment as low risk when it was high risk. The claimants relied on this advice and suffered loss. Becque Wayman is vicariously liable under section 39(3) of the Financial Services and Markets Act 2000.

Parties
First Claimant: Michael Hart Goldstone; Second Claimant: Leslie Clarke David Winnard; First Defendant: Becque Wayman Investments Limited; Second Defendant: Endowment Surrender Plus; Third Defendant: Mark Wayman
Jurisdiction
England and Wales
Judgment Date
24 October 2012
Procedural Posture
Civil / Judgment After Trial
Outcome
Judgment for the claimants
Legal Topics
Negligent Financial Advice, Vicarious Liability, Agency, Breach of Contract, Misrepresentation of Investment Risk
Contract Law Tort Law Financial Services Regulation Negligent Financial Advice Vicarious Liability Agency Breach of Contract Misrepresentation of Investment Risk

Case Brief

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Parties

Michael Hart Goldstone

First Claimant

Leslie Clarke David Winnard

Second Claimant

Becque Wayman Investments Limited

First Defendant

Endowment Surrender Plus

Second Defendant

Mark Wayman

Third Defendant

Procedural Posture

Civil / Judgment After Trial

Legal Issues

  1. 1 Whether ESP and/or Becque Wayman owed contractual and/or tortious duties to the claimants regarding investment advice
  2. 2 Whether the investment was negligently misrepresented as 'low risk'
  3. 3 Whether the claimants relied on the advice in making the investment

Ratio Decidendi

ESP was the contracting party with the claimants and owed contractual and tortious duties of care. ESP, through Mr Wayman, breached those duties by misrepresenting the investment as low risk when it was high risk. The claimants relied on this advice and suffered loss. Becque Wayman is vicariously liable under section 39(3) of the Financial Services and Markets Act 2000.

Court Disposition

Judgment for the claimants

Orders

  • ESP and Mr Wayman are liable in damages for breach of contract to the claimants.
  • Becque Wayman Investments Limited is vicariously liable under section 39(3) of the Financial Services and Markets Act 2000.