Investment advice: the statutory remedy

This article considers a tort which has received remarkably little comment: that found in s 138D(2) of the Financial Services and Markets Act 2000. The tort creates a very important consumer remedy in cases of mis-selling of financial products by banks and investment advisers. In tort terms it is a prime example of a modern form of breach of statutory duty. It is a statutory strict liability remedy for pure economic loss. The article will consider the features of the tort and how it operates in the context of other remedies: in particular, how the rules governing it influence concurrent claims brought in negligence.