ARTICLE · 03 OCTOBER 2012

Financial Planners Liability Insurance: Exclusion For Gross Fault Declared Inoperative

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The Quebec Court of Appeal recently rendered a judgment written by Marie-France Bich, J.C.A., with respect to the professional liability of a financial planner.

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The Quebec Court of Appeal recently rendered a judgment¹ written by Marie-France Bich, J.C.A., with respect to the professional liability of a financial planner².

The financial planner was sued by his former clients Denis Guillemette, France Mercier and Alimentation Denis et Mario Guillemette Inc. (hereinafter the "Guillemettes"). From 1996 to 2005, the Guillemettes had retained financial planner Yves Tardif to develop an investment strategy for them. They wanted to ensure that they would have sufficient income for their retirement through safe and low risk investments that would be more profitable than a deposit or term savings product. Contrary to the Guillemettes' instructions, however, Mr Tardif decided to concentrate their investment portfolio in high risk products, and ultimately his clients lost all their investments.

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