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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Would E & OE be enforceable on, say, a bank statement or an

Resolved Question:

Would E & OE be enforceable on, say, a bank statement or an ISA ststement?
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
It's a v. v, long 8 minutes (*3). Is there anybody there?
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.
Dear Nicola, yes I am prepared to wait for a couple of days from the date I registered my question, however, if you are unable to find an answer I would rather you told me sooner than later. Brian
Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you. I am unsure if we can definitely find an answer or not but we will certainly do our best!
Thank you for your patience,
Nicola
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstCould you explain a little more about the background to your question please
Customer: replied 1 year ago.
Hi Clare, My former ISA plan manager, in accounting for a valuation for a single stock of £13,000 plus given on two occasions in the past, is now claiming (on transfer to another ISA manager) when the true valuation is given as £2,820, claims that using E. O. & E. on the statement frees it of any legal liability for the "so called" error. It has failed to provide an explanation for the variance other than ti say an error was made. Regards, Brian
Expert:  Clare replied 1 year ago.
Can you give me the full quote as to what has been said?
Customer: replied 1 year ago.
Hi Clare, The quote you requested is "We would like to point out that each Portfolio Valuation Report, issued by "X" (where X is the name of the trading platform and which I prefer not to provide at this stage) does contain a legal disclaimer with the clause E & O E (Errors and omissions excepted) printed on each document (see attached). I have not attached this document.. Regards, Brian
Customer: replied 1 year ago.
Hi Clare, Because your webpage is unable to respond to emboldened or italicised text, my last message may have been difficult to comprehend.. The actual quote, changed so as not to reveal the identity of the trading platform and without a document attached, because I never received it reads "We would like to point out that each Portfolio Valuation Report, issued by 'X' does contain a legal disclaimer with the clause E & O E (Errors and omissions excepted) printed on each document (see attached)" Hope this helps. May I ask if you are able to give me an indication of when you will ne able to advise me? Regards, Brian
Expert:  Clare replied 1 year ago.
So in essence they are relying on those few words to cover a "mistake" involving £10,000 - is that correct?
Customer: replied 1 year ago.
Dear Clare, That is correct. Regards, Brian
Expert:  Clare replied 1 year ago.
What was the amount of the original investment
Customer: replied 1 year ago.
Dear Clare, I am getting concerned that I appear to be receiving more questions rather than an answer from you. My original query was "Would E & OE be enforceable on, say, a bank statement or an ISA ststement?". May I ask why you require to know the value of my original investment? I have effectively lost circa £10,000 if the valuations provided by the ISA Plan Manager on three separate occasions are correct. If these valuations are incorrect I would have also lost out by virtue of the ISA charges, but that is another matter. Regards, Brian
Expert:  Clare replied 1 year ago.
My apologies BrianI am trying to assess whether the disclaimer is proportionate to the mistakeSo for instance.If you originally invested £10,000 - then it went to £13,000 and now it is in fact £3000 - suggesting that it was at all time a bad investment but that it had been covered up then that is not a mistake.If the original investment was £1000 then it was reported as £13,000 bit is not £3,000 0 then that could be.So which area does it fall into (no figures necessary)
Customer: replied 1 year ago.
Dear Clare, Thank you for your prompt response. Now that I know what you are getting at I am quite happy to supply the infiormation. The stock was purchased for circa £3,000 in September 2010. The first valuation report by a "Custodian" of the ISA Manager in April 2011 for this stock amounted to circa £13,000. It was this document that included the E&OE tag. A new valuation by the same entity a year later also valued it at circa £13,000 and also included the E&OE tag. Both these valuations included a unit price for the stock of circa £144XD. When I decided to transfer the ISA portfolio to another ISA Plan Manager in October 2012 the first ISA manager provided the second ISA manager with a portfolio valuation for all stocks in the portfolio. This showed a valuation of circa £13,000 for the particular stock. It also included the E&OE tag. At the time of the transfer and for two years subsequently I was unable to monitor my portfolio. When I was eventually able to analyse my portfolio holdings I discovered the discrepancy and have taken issue with both ISA managers. The former ISA manager is using the E&OE tag in an endeavour to escape liability - hence the question. Regards, Brian
Expert:  Clare replied 1 year ago.
OkSeeing that (spectacular) increase on the page - did you take any action based on it?
Customer: replied 1 year ago.
Dear Clare, No I had other shares which had grown spectacularly. But do my actions, or lack of action, determine whether the E&OE tag is a legitimate over rider to a fault in providing accurate accounting information? Also please remember that the three reports in question were spread over a period of 18 months commencing 6 months after the purchase. Regards, Brian
Expert:  Clare replied 1 year ago.
Sorry the lawyer in me was considering your potential losses ......Was the figure correct at any stage (to your knowledge - I appreciate you may not know)
Customer: replied 1 year ago.
Dear Clare, I have a problem in determining the extent of my potential losses. In simple terms, it is the difference between the valuations provided by X up to October 2012 (circa £13,300) and the valuation of the stock after transfer (circa £2,800) as provided by the new ISA Manager (Y), a loss amounting to circa £10,500. However, all is not what it seems to be. From information provided to me in December 2015, it appears that both X & Y were aware of the problem at the time of the transfer and both singularly failed to inform me about the valuation loss. Y was informed in October 2012 of X's valuation for this stock! Hope this helps. Regards, Brian
Expert:  Clare replied 1 year ago.
Ok that is helpful.However is there any evidence that the rise actually happened?
Customer: replied 1 year ago.
Dear Clare, Your latest question has caused me to review our communications in an endeavour to determine why I have not yet received the answer I was expecting. Was I expecting too much, I queried; was there an easier way of posing the question? What I want to know is whether there has been a legal precedent concerning the legality of the use of the tag E&OE when used in Bank or ISA statements and, if so, what was it. At this stage. I am not looking for a lawyer to act on my behalf in any case I may bring against either one or both ISA managers. That may happen once I have an answer to my original question. I have another problem, that of meeting a deadline for me to respond to these ISA managers. Regards, Brian
Expert:  Clare replied 1 year ago.
My apologies - what you are asking for is an overview and not the details!Any limitation of liability has to be proportionate and reasonable if it is to stand.This clause is an attempt to limit liability.The question therefore is is it proportionate and reasonable.A mistaken figure used three times over a lengthy period does not come under that headingClare
Customer: replied 1 year ago.
Dear Clare,
Thank you for your response. I presume in your second point the word “clause” refers to the tag E&OE. Having been provided with my circumstances, would you consider that the tag can still stand (be binding)? I am not sure what is meant by your 4th clause could you please elaborate?
Regards, Brian
Expert:  Clare replied 1 year ago.
Yes this "catch all" tag is what I am referring to.It could be sufficient to cover a minor error (or even a major typing error) but the fact that this was an error repeated over a long period makesit unreasonable to pass it off as an "error or omission"
Customer: replied 1 year ago.
Dear Clare, Please accept this message as the end of our Q&A session. I am most disappointed that JustAnswer has not improved substantially since my last episode if using this service.
Regards, Brian
Expert:  Clare replied 1 year ago.
I am sorry that I was not able to help you more.Sadly the nature of the site means that there is not necessarily a specialised expert available and I appreciate that my more generalised Civil law approach was not what you were looking for.Would you like me to request a refund?
Customer: replied 1 year ago.
Dear Clare,
If you can give me the answer I am looking for in plain English (so that I can present it to the ISA managers or their advisors), I am quite happy to waive the refund.
Regards,
Brian
Expert:  Clare replied 1 year ago.
Ok try this"You cannot rely on the tag "E&OE" to cover this discrepancyThat is used to explain a minor error in calculations and/or failure to list a holding.It cannot be used to excuse or explain a wholly inaccurate listing promulgated over three separate statements"
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and 2 other Law Specialists are ready to help you
Customer: replied 1 year ago.
Dear Clare,
Thank you. I can certainly use this information.
Regards,
Brian

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