At the end of July, the Supreme Court heard the ultimate appeal by Daiwa Capital Management against the judgment of the Court of Appeal in the case of Singularis v Daiwa, in which Oliver Lodge acted as expert witness. Whether the Supreme Court upholds or overturns the Appeal Court’s findings against Daiwa, the case has significant, if widely unexpected, lessons for the banking and investment sectors, or indeed any firm that makes payments on the instructions of its clients. Is it now inevitable that the firm will be held liable for any losses suffered by a client, even where that client has been negligent to the point of recklessness? How can firms minimise the risks and their exposure to them? Few will have recognised the extent of the risks they are running nor the extent to which a client’s failings can result in enormous losses to the firm. We advise every firm that is subject to English law to take careful note of this case.