At some point in everyone’s life we need to seek professional advice about our financial welfare.
Professionals such as solicitors, accountants, financial advisors, engineers etc. have a legal duty to do their jobs to a required standard. If your professional advisor fails to meet this standard or misrepresents the situation, then we can help by seeking compensation for your loss.
Frequently Asked Questions
Do I have a claim for compensation?
A claim may be possible if you saw a professional who:
- gave poor advice upon which you relied;
- provided inadequate and incorrect financial advice;
- made misrepresentations which you relied on; or
- committed other errors that resulted in financial loss.
Who Can I bring the claim against?
Claims are brought against the negligent party but are usually defended by their professional indemnity insurer.
What can I claim compensation for?
You can claim compensation for the loss you suffered as a consequence of engaging the professional advisor. This may include monies lost, expenses, lost profits and legal costs.
What has to be proven for my claim to be successful?
In order for a professional negligence claim to be successful, you must be able to show that:
- You were owed a duty of care by the professional you engaged.
- The professional did not do the work to a standard that is acceptable.
- You have suffered financial loss as a result.
Are there any important time limits to bring a claim?
Yes. Usually you need to file a claim:
- Within six (6) years from the date you engaged the professional to work for you; or
- Six (6) years from the day you suffered financial loss.
Who pays me the compensation?
The good news is that your claim will effectively be handled by the professional’s insurance company. Most occupations are regulated by law or their regulatory body to hold professional indemnity insurance without which they are not able to operate lawfully.
How much compensation can I claim?
This is too difficult to answer without knowing the major details of your particular circumstances.
Generally speaking, it will be the amount of the financial loss you have incurred, taking everything into consideration.
How long does a claim for compensation take?
This depends upon how fast your lawyer acts for you, and the attitude of the professional indemnity insurer to accepting and settling your claim. At ROCHE Legal, we strive to have cases dealt with within a two (2) year period.