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BANKS’ DUTY OF CARE TO CUSTOMERS

September 2011 - Litigation & Dispute Resolution. Legal Developments by Drew & Napier LLC .

More articles by this firm.

The Court of Appeal has ruled that a private bank owed its customer a duty of care both in contract and in tort, even though the agreements entered into between the parties did not contain any express terms requiring the bank to advise the customer. However, in its judgment, the Court of Appeal expressed the view that banks and other financial institutions may, with the use of appropriately drafted disclaimers or exclusion clauses, prevent a duty of care from arising.

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About Drew & Napier LLC

Established in 1889, Drew & Napier LLC is one of Singapore's leading and largest law firms, with over 250 lawyers and fee-earners. Consistently rated top tier in dispute resolution over the years by international ranking organisations such as Asia Pacific Legal 500, Chambers Global, Practical Law Company, Best Lawyers and Asia Law, the firm has 7 Senior Counsel. The firm is headed by chief executive officer, Davinder Singh, Senior Counsel. Drew & Napier LLC is also rated top tier in Corporate Insolvency & Restructuring, Intellectual Property (Patents and Trademarks), Competition & Antitrust, Telecommunications, Media & Technology and Tax, with market leading practices in Mergers & Acquisitions, Corporate Finance, and Admiralty & Shipping. For more information, please visit www.drewnapier.com