The Quincecare Duty: Privy Council Confirms It Is Limited To Protecting A Bank's Customers And Not Third Parties
Published date | 25 May 2022 |
Subject Matter | Litigation, Mediation & Arbitration, Criminal Law, Trials & Appeals & Compensation, White Collar Crime, Anti-Corruption & Fraud |
Law Firm | Herbert Smith Freehills |
Author | Herbert Smith Freehills |
In the latest decision to consider the Quincecare duty, the Board of the Privy Council has confirmed that the duty is limited to protecting the customers of a bank, and does not extend to protecting any third party beneficiaries of its customer's accounts. In doing so, the Board dismissed a claim by an investment fund against a bank for an alleged breach of duty to protect it from losses caused by the fraudulent misappropriation of monies from certain bank accounts which belonged beneficially to the fund: Royal Bank of Scotland International Ltd (Respondent) v JP SPC 4 and another (Appellants) (Isle of Man) [2022] UKPC 18.
Historically, the Quincecare duty has arisen where a bank receives a payment instruction from an...
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