Accountability — April 2014: when can you bring a court claim that has already been the subject of a decision by the FOS?
When can you bring a court claim that has already been the subject of a decision by the Financial Ombudsman Service (FOS)?
According to the Court of Appeal decision in Clark v In Focus Asset Management  EWCA Civ 118, only where the claim arises out of a completely different set of facts or where the complainant has rejected the FOS decision. No longer are financial services firms and their insurers facing ‘double jeopardy’ in relation to claims that have already been determined by the FOS.
The FOS determines complaints by consumers and small businesses against financial services firms up to a value of £150,000. Once a final decision has been given by the FOS, which is accepted by the complainant, that decision is binding upon the firm…
Click on the link below to read the rest of the Wragge & Co briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Wragge Lawrence Graham & Co
News from The Lawyer
Briefings from Wragge Lawrence Graham & Co
The Treasury has issued a consultation document that clearly signals its recognition of the value to the UK economy of the private funds sector (including private equity and real estate funds).
Without prejudice communications with a regulator; collateral benefit and negligence; and more.