Accountants and accountancy firms are used by individuals and businesses. They have a wide range of products and services on offer from book-keeping and the preparation of accounts to advising, reporting and providing regulatory and administrative services.
Because there are so many services on offer, an accountancy practice has many opportunities to get things wrong. When they do, it generally relates to advice given by your individual accountant or the firm involved.
If you employ an accountant to work for you, it’s only right that you expect them to provide you with a professional service and offer you advice that is in your best interests.
But sometimes things can go wrong. If you are given negligent advice by your accountant and you suffer a financial loss, this could mean you have a professional negligence claim against your accountant.
Suing an Accountant
Accountants in England and Wales have professional bodies that regulate them. Both of these bodies, the Association of Certified Chartered Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW), have complaints procedures to deal with issues with their members.
But this is a separate process from making a professional negligence claim. You don’t need a decision from these professional bodies to make a claim.
You should also be aware that the time period to make a claim will be ticking down the whole time you are following the complaints route. You may not get a favourable outcome from these bodies for your complaint, but that does not mean you don’t have a professional negligence claim.
To make a professional negligence claim, you’ll need to show a couple of things. When you hire an accountant, you have a contract with them for the services they provide you, but in addition to the responsibilities they have relating to your contract, they also have an implied duty to act with reasonable care and skill when working for you.
You’ll need to show that your accountant breached that duty and because of that breach, you suffered a financial loss.
All accountants who are members of ACCA or ICAEW are required to have professional indemnity insurance in place. This means that when you make a professional negligence claim against an accountant, their insurance company will pay your compensation.
Are there time limits to make a professional negligence claim?
There are time limits in place to make a professional negligence claim against your accountant. In law, this is called the ‘limitation period’. The limitation period in professional negligence claims is usually six years but if you weren’t aware that you could make a claim, there may be some exceptions.
As soon as you know you’ve suffered a loss because of an accountant’s negligence, get in touch. We can review the circumstances and tell you if you have a claim.
We offer a free 30 minute discussion about your claim so call now on 0117 926 4121 or make a free online enquiry. Don’t leave it until it’s too late.
What options do I have to fund a claim?
There are a number of options available to you to fund an accountant negligence claim and we’ll discuss them all with you when you get in touch. Some cases will be eligible for a no win no fee agreement, known as a conditional fee agreement or CFA.
It won’t cost you anything to talk to us about your potential claim and you’ll be under no obligation to make a claim either. What do you have to lose?
You may also find our Guide to Funding Litigation useful to read.
Will it take long?
It really depends because each claim is different. More complicated cases and claims that involve large financial losses will take longer, but most cases do settle before they go to court.
We’ll give you an estimate of the time it may take once we’ve reviewed your case. Our Guide to the Claims Process shows each step and the timings involved.
About Our Team
We have a team of professional negligence solicitors who can help with your claim.
They collectively have more than 70 years’ experience in professional negligence claims and every team member belongs to the Professional Negligence Lawyers Association.
We know that it will be difficult to trust another professional person, but take advantage of our free 30 minute discussion to see how you feel.
We’ll always talk to you in language you understand and be clear about costs, time scales and outcome right from the start.
Call us Today
Call now for your free 30 minute discussion on 0117 926 4121 or make a free enquiry online.