Ghosts of financial crisis past still haunt us

01 Feb 2016

The effects of the 2008 financial crisis are still being felt today, with The Bank of England’s base rate remaining at a record low of 0.5% and the taxpayer still owning a sizeable proportion of shares in Royal Bank of Scotland.

Writing in The Scotsman, BLM partner Grant Maclean notes that lessons must be learned from the crisis to avoid a repeat.

Grant said: “The London Market – the international insurance market in the capital – is no exception. The fallout from the crisis has had a lasting effect on professional indemnity claims. Research by BLM and the Institute of Directors has revealed how changes in the market are affecting professionals working in the financial services, legal and property sectors.

“At the height of the crisis, law firms were bombarded with professional indemnity claims from banks and other lenders. While this trend has now ebbed away, if interest rates were to begin to rise and the property market was to be put under pressure, mortgage providers might begin to again question the legal advice they have received.”

You can read Grant’s article in full on The Scotsman website.

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Disclaimer: This document does not present a complete or comprehensive statement of the law, nor does it constitute legal advice. It is intended only to highlight issues that may be of interest to customers of BLM. Specialist legal advice should always be sought in any particular case.

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