On July 12, 2023, the UK Supreme Court handed down its judgment in the case of Philipp v Barclays Bank UK Plc, providing much-needed clarity on the scope of the Quincecare duty and the limits on a bank’s obligations when making a payment on behalf of a customer.

The decision demonstrates that, for now, balancing victims’ interests with those of financial institutions and society’s needs at large will be a legislative and parliamentary, rather than judicial, endeavour.