It is fair to say that the Banking Industry may feel they have been under siege recently regarding various case law which has led to large repayments to their customers. The case of Finch and Omnia-Chem Ltd v Lloyds TSB Bank In this case it was alleged that the bank had breached its duty of care in failing to advise the borrower about an onerous term on early repayment in a standard document. It was held that whilst a bank does give advice it must do so with reasonable care and skill but that it was not under a general obligation to provide advice. When dealing with any contractual document reading the small print, whether it be standard wording or not, is always advisable and Bank’s likewise should continue to advise their customers whether personal or commercial to do the same. If you would like assistance in general litigation, please call our team on 01524 846846 for further information.
[2016] EWCH 1236 (QB) may give them some comfort.
