A bank’s liability for executing a customer’s fraudulent instructions
05 Nov 2019
The UK Supreme Court in Singularis Holdings Ltd (in Official Liquidation) v Daiwa Capital Markets Europe Ltd  UKSC 50 upheld an earlier decision that a bank was liable to a customer for breach of its Quincecare duty (named after Barclays Bank plc v Quincecare Ltd  4 All ER 363). Under this duty, a bank must refrain from executing a customer’s instruction where the bank is put on inquiry and has reasonable grounds for believing the instruction is an attempt to misappropriate the customer’s funds.
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