Peters & Peters

UK Supreme Court ruling offers clarity for banks

Earlier this month, the Supreme Court handed down its judgment in Philipp v Barclays Bank UK PLC, which deals with the circumstances in which a bank can be held liable for not preventing a customer from being defrauded.

The judgment offered much-needed clarity on the nature of the Quincecare duty and the obligations that banks owe to their customers when executing fund transfers.

In this article for The Banker, George Pizzey discusses the decision, commenting that although it will come as relief for banks – since the court ruled that in many circumstances banks do not need to consider the risks of their customers’ payment decisions – they still need to remain vigilant when it comes to customer fraud.

Please note that the article requires registration.