Nicholas Paul Shane McHale v Andrew John Dunlop & Anor
Mr Dunlop did not owe a duty of care to Mr McHale as a financial adviser regarding the Dolphin Trust investment, as McHale had already decided to invest based on advice from Lockington and did not reasonably rely on Dunlop for independent advice. However, Dunlop owed a fiduciary duty to McHale regarding commission disclosure, breached that duty by deliberately misleading McHale about the true amount of commission, and must account for the commission received.
Source excerpt
- Duty of care
- Assumption of responsibility
- Secret and half-secret commissions
- Disclosure and consent
- Breach of fiduciary duty