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Non Identification of Financial Advisor in Court Report

  • 11-11-2014 10:11am
    #1
    schemingbohemia
    Registered Users, Registered Users 2 Posts: 5,606 ✭✭✭


    The Irish Times today reported on a case where a bankruptcy was annulled due to alleged poor or incomplete advice given by a Financial Advisor.

    http://www.irishtimes.com/news/crime-and-law/courts/court-annuls-couple-s-bankruptcy-after-claims-they-were-misled-1.1995689

    I find it strange that the Financial Advisor was not named in the report, is this down to potential libel? If so, surely the fact that the Court found that there was a case for the bankruptcy to be annulled, supports or proves the plaintiffs case that poor advice was given and therefore to protect the public that the FA should be identified?


Comments

  • #2
    Peregrinus
    Registered Users, Registered Users 2 Posts: 27,254 ✭✭✭✭Peregrinus


    From the newspaper report the couple "claim", "allege", etc that they were advised along certain lines. The financial adviser wasn't represented in the proceedings and so had no opportunity to refute those allegations or to respond that, e.g., the couple gave him incomplete or inaccurate information about their situation, and that the advice he gave was correct on the basis of the information provided.

    In these circumstances it would obviously be unjust to name the financial adviser, lest the public at large jump to the very conclusion that you have jumped to - name, that the court has found that he gave poor advice. The newspaper report doesn't suggest that the court has made any finding about the quality of the service that he provided. Maybe he did give poor advice, but we won't know that unless and until somebody sues him.


  • #3
    schemingbohemia
    Registered Users, Registered Users 2 Posts: 5,606 ✭✭✭schemingbohemia


    It wasn't apparent to me that s/he was definitely not represented at the hearing, but I presume if s/he had been it would have been mentioned. Thanks for clearing that up.


  • #4
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    schemingbohemia wrote: »
    It wasn't apparent to me that s/he was definitely not represented at the hearing, but I presume if s/he had been it would have been mentioned. Thanks for clearing that up.

    There is an over reliance on papers reporting legal (or indeed any) stories completely and/or correctly, they very rarely do. There was great youtube clip I saw once about that if there is ever a story reported about an area you work in they almost always transpose cause and effect - but I digress.

    At best the FA would have been a witness as I can't see how he would be party to the case and therefore why would he be represented?


  • #5
    Tom Young
    Legal Moderators, Society & Culture Moderators Posts: 4,338 Mod ✭✭✭✭Tom Young


    Subjective assessments, such as those used in the context of a financial review, must be carefully assessed. Perhaps it is the case that the FA only had certain information, which lead him/her to believe that the course chosen, was the correct course.

    It is not for us here to witch hunt the FA and seek skin. Subjective assessments are dangerous and who is to say that the debtor furnished everything required by the FA?

    I am closing this thread.


This discussion has been closed.
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