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News | Wed 21st Mar, 2018
Last week JPIL published Sabrina Hartshorn‘s article on recovery of investment advice and the discount rate in Issue 1 2018. The Response to the Report of the Justice Select Committee appears to now add a degree of clarity to the question of management costs, investment advice and the recovery of investment advice.
Sabrina’s interpretation of investment management costs as detailed in the draft Schedule A1 to include investment advice appears to have been the same interpretation made by the Committee within its recommendations to the Government (paragraph 91). The question relating to professional costs could be left to the courts to develop as a matter of case law but it could be taken forward by other means. The Government will consider the issue (the most appropriate way to take into account advice and management costs) directly or through a third party but considers that the most appropriate forum for considering the recovery of professional advice as a separate head of damage should be the decision of the court and not the Panel (paragraph 95).