The Difference Between 'Advice' & 'Information'
The Court of Appeal has outlined the steps that must be taken to judge the difference between 'Advice' and 'Information'.
The crucial difference, according to Lord Justice Hamblen as reported by Litigation Futures, is that for a case to be deemed advice, the adviser must have decided what matters should be taken into account and guided the decision-making process.
This ruling was the result of a case deemed as 'information' regarding Grant Thornton advising Manchester Building Society to hedge their interest rate swaps, which resulted in losses that would have been profit. Grant Thornton accepted that their advice was negligent.
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