Is a decision of the FOS final?

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 […]

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Problems with Loan to Value Covenants

In recent months, we have come across a number of situations where bank customers have encountered major problems with Loan to Value (LTV) Covenants. Typically, an LTV covenant is set at the time a loan is taken out and provides that at any time during the term of the loan the capital amount due under the loan shall not exceed a particular percentage of the value of the property held as security for that loan. […]

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Immediate Impact of the FSA Report on Interest Rate Hedging Disputes

The FSA Report on Interest Rate Hedging disputes of 29th June 2012 was welcome in that it found serious failings in the sale of these products, corroborating the claims made by large numbers of businesses, which to date, have almost all been vigorously defended by the banks. I report below on the current position in the immediate aftermath of this report, how the various banks and the FOS have reacted to date and what I […]

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Interest Rate Hedging Disputes Update

Claire Collinson has been dealing with interest rate hedging product disputes since 2009 and has represented a wide variety of businesses and individuals with claims and complaints against all of the high street banks. These types of cases are currently receiving a significant amount of media and political attention, highlighting the appalling financial position these products have left many small businesses in. Some of the situations I have come across include: A bank insisting on […]

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