Supreme Court upholds breach of ‘Quincecare’ duty of care
The Supreme Court has unanimously upheld the first successful claim for a breach of the ‘Quincecare’ duty of care. The duty requires a bank to refrain from fulfilling payment instructions for so long as it is ‘put on enquiry’ as to the fraudulent nature of the payment.
The decision highlights the litigation risks for banks failing to put in place adequate safeguards over their payment processes.
For analysis of the Supreme Court’s decision and its consequences, please find our full article here.