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Liability of Financial Regulator?

  • 14-01-2011 5:58am
    #1
    ldxo15wus6fpgm
    Closed Accounts Posts: 1,359 ✭✭✭


    Hi all.
    Just have a quick question about a hypothetical situation.

    A private investor's money is mishandled by an investment company (example: they put it into some high risk project, instead of the agreed investment fund), and the investor finds out his money has been lost and the company goes insolvent.
    It turns out that the financial regulator didn't bother doing it's job inquiring into the company's activities etc. even though there were clear signs something was up.

    Could the investor claim from the financial regulator by saying that because they didn't do their job he has lost his money?


Comments

  • #2
    Reloc8
    Closed Accounts Posts: 2,857 ✭✭✭Reloc8


    On the principle that any duty of care owed by the financial regulator to the investor is in fact owed to the world at large, no.

    But talk to a solicitor.


  • #3
    ldxo15wus6fpgm
    Closed Accounts Posts: 1,359 ✭✭✭ldxo15wus6fpgm


    Ok, cheers for that.

    No need to, really was hypothetical! :)


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