The Quincecare duty: 35 years on, the debate has only just begun
Friday 3 February, 2023
The Quincecare duty, which requires financial institutions not to execute customers’ orders if they have been made aware that these are part of a fraud, has gained prominence recently as upcoming legal challenges threaten to increase banks’ responsibilities in the context of increasingly sophisticated fraud.
In this article for The Banker, Paul Johnson and David Fitzpatrick explore why the duty, which has existed for 35 years, is experiencing a revival and why it looks like it will be in the spotlight for some time to come.
They also delve into the Stanford case, and discuss some of the challenges the duty presents.
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