In an important decision, the Court of Appeal has clarified that if a person or small business has accepted a redress decision from the Financial Ombudsman Service (FOS) they cannot then pursue a claim for further losses, above the FOS compensatory level, in the courts. This case is particularly important those currently involved in FOS complaints and where the potential losses exceed the maximum redress the FOS may award, currently £150,000. The background to […]
Is a decision of the FOS final?
February 18th, 2013
Having accepted a favourable determination from the Financial Ombudsman Service (FOS) can you then claim in Court for additional compensation to recover the full alleged loss? The case of Andrews –v- SBJ Benefit Consultants Ltd [2010] EWHC 2875 (Ch), [2011] Bus LR 1608 would suggest not. However, the more recent case of Clark and Another –v- Focus Asset Management and Tax Solutions Ltd [2012] EWHC 3669 (QB) would suggest otherwise, in certain circumstances. Mr and […]
