What the PwC saga can teach Professional Services about Professional Indemnity
In the realm of professional services, tax consultants play a vital role in providing advice on a wide range of matters, including potential tax liabilities and strategies for minimising tax. As trusted advisors, they are entrusted with highly sensitive client information sourced from various channels. Safeguarding confidentiality is of utmost importance, as any breach of this trust can lead to severe damage to reputation, legal liabilities, and significant Professional Indemnity (PI) challenges. This precise scenario unfolded recently in the case involving PwC, one of the world's largest professional services firms, underscoring the intricacies involved in managing PI risks within the tax and broader consultancy sector.
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