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The implications of codes of practice - the imposition of duties of care?

 

31 July 2017

​In Philip Thomas & anr v Triodos Bank NV[1], the High Court of England and Wales found that the bank, having signed up to, and advertised itself as being compliant with, the Business Banking Code, owed the claimants a duty of care to explain certain risks and features of financial products and had breached that duty by failing to do so, even though there was no advisory relationship between the parties.  The decision raises the prospect that financial institutions that openly commit to following the Code of Banking Practice in Hong Kong may be found to owe a similar duty of care.
 

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