FOS compensation is binding on claimant — Clark v In Focus
By Ian Greenstreet
The Court of Appeal has upheld an appeal from the High Court decision in Clark v In Focus that Financial Ombudsman Service (FOS) decisions are not binding on the claimant. This gives firms some degree of certainty. Once they have paid compensation as directed by FOS, they will not then be open to further challenge in the courts in relation to the same facts.
The maximum compensation FOS can award is £150,000 (it was £100,000 at the time of the Clark complaint) regardless of the size of the alleged loss. It had generally been assumed, until the High Court decision in Clark, that if the claimant accepted the compensation awarded by FOS then that was an end to the matter…
Click on the link below to read the rest of the Nabarro 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 The Lawyer
Analysis from The Lawyer
Nabarro senior partner and self-confessed “IT geek” Graham Stedman is heralding a major set of investments in technology ahead of the firm’s move to 125 London Wall this year.
Clients are more willing to bring claims against professional service providers but the risk to defendants is not as dramatic as it might seem