Claims for damages for professional negligence by a financial advisor usually relates to alleged negligence or breaches of fiduciary duties or contractual duties. A financial advisor has a legal duty to exercise reasonable skill and care and liability may arise as a result of a breach of the duty of care or as a result of breach of contract. A financial advisor also has a fiduciary relationship of trust and confidence and may be liable to pay compensation for breach.

A fiduciary duty is a responsibility either expressly or impliedly part of your relationship with the financial advisor.

The fiduciary duty will be the acts, behaviour, conduct and actions you should expect a competent advisor to exercise when acting for you.