Understanding Negligence Across Regulated Industries

Most individuals and businesses rely on regulated professionals for expert guidance for a range of different matters from legal to financial. When using a professional you expect they will meet recognised professional standards and treat you with competence and accountability. However, no matter how regulated industries are there are still occasions where errors are made due to a number of reasons. When an error has been made and a professional has failed to meet required standards this can be a case of professional negligence. This article discusses how negligence can arise and what you should do when professional advice has gone wrong.

What Is Professional Negligence?

Professional negligence is where professional help is given but not to the expected standard causing loss or harm to their client. For a negligence case to be successful there are three elements which must be present during the negligence in question: a duty of care was owed, that duty was breached, and the breach resulted in measurable financial loss or harm. Professional negligence can occur in any professional service, not just the more obvious financial or medical.

Negligence Across Regulated Industries

To protect clients from some professional services there are regulated industries where professionals must comply with strict standards set by governing bodies. Although these standards help to protect clients they don’t completely eliminate the chance of errors being made. An example of a more uncommon professional negligence is accountant negligence, there are several different ways this could occur such as incorrect tax advice is given or statutory deadlines are missed. As a result individuals or businesses may result in long term financial instability or reputational damage.

The Consequences of Negligent Professional Advice

For individuals, one of the main outcomes professional negligence can result in is significant financial loss and for businesses the consequences can go further such as reputation damage or reduced confidence from clients. The outcomes are not always tangible, professional negligence can also come with increased stress. Especially when negligence isn’t addressed early, it can become more complicated to resolve and therefore the process can cause more stress but also potentially more costly. It is common to delay the process due to uncertainty or cost concerns but this can in turn weaken the claim.

How Professional Negligence Solicitors Can Help

Professional negligence solicitors assist individuals or businesses who think they have been a victim of negligence from a professional. They start the process by assessing if the claim exists, reviewing any evidence you may have, including all documentation and if needed, instructing independent experts. The solicitor will be able to use all this information to work out how strong the case is by assessing whether the professional fell below the standards and caused any loss. Due to the nature of how complex these claims can be it is important to receive specialist legal advice to help you through the process of making the claim.

Conclusion

To remain individuals trust in regulated professions, it is important accountability is held to ensure people are protected when professionals do fall short of the standards. If you think you or your business have been a victim of professional negligence then you should seek early advice from a professional negligence solicitor to give your claim the best chance of success.