Have you suffered financial loss as a result of incompetent advice or other failures by an accountant or financial adviser? If so, you may be entitled to compensation for those losses.
We represent clients across England and Wales in legal claims against accountants. We are members of the Professional Negligence Lawyers’ Association, and have more than 35 years of experience practising law in England and Wales.
Basic Duties of an Accountant
Anyone may call him or herself an accountant, but all accountants have a duty of care to their clients. As a bare minimum, an accountant’s advice must be reasonably competent. Additional duties may be imposed by a contractual agreement entered into with a particular adviser. In certain circumstances an accountant can have a duty of care not only to his or her own client, but also to third parties who may reasonably rely on the advice.
Frequent Examples of Accountants’ Negligence
- Failure to spot a fraud when auditing company accounts;
- Over-valuing or under-valuing company assets, and making incorrect share valuations;
- Negligent preparation of tax returns;
- Negligent advice in relation to insolvency and general business affairs;
- Negligent advice in relation to mergers, acquisitions and other business investments and ventures;
- Negligent advice on tax avoidance or other schemes that are subsequently found to be ineffective;
- A failure by the accountant to comply with HMRC deadlines for submission of returns and payment, etc.
We will be able to advise you whether the accountant’s services fell below the level to be expected from a reasonably competent accountant. It may be necessary to obtain a report from an expert accountant to determine the extent of any negligence and the amount that can be claimed.
In appropriate cases we may be able to offer a no win no fee agreement, or a discounted conditional fee agreement (a reduced fee agreement) and to implement after the event legal expenses insurance.
We pursued a claim for negligence against RSM Tenon Accountants on behalf of Mr L alleging multiple breaches by them relating to their failure to undertake proper due diligence at the time of an international financial investment. The client had previously instructed other solicitors who had failed to achieve a resolution to the dispute. Within a matter of weeks we negotiated a settlement of our client’s damages claim in the sum of over £51,000.
Mr R of Belgium wished to pursue a claim for professional negligence, misrepresentation and breach of contract against a large firm of international accountants. By negotiation the claim was settled in the sum of $79,000.
We represented a Limited Company based in Hampshire in relation to their claim for professional negligence against a large firm of chartered accountants who had failed to protect our client's position at the time of an oil investment. The company had subsequently been defrauded, and it was alleged that this was as a result of the negligence of the accountants. Our client had instructed us having failed to have the claim resolved by his previous City lawyers. The claim was settled in the sum of £240,000.