Alistair Schaff of 7KBW appears in Clark v In Focus Asset Management
Alistair Schaff QC of 7KBW has appeared for financial services firm In Focus Asset Management in Clark v In Focus Asset Management.
The case concerned the Financial Ombudsman Service (FOS) jurisdiction and the effect of complainants who accepted a FOS determination in their favour up to the maximum enforceable limit awardable by FOS (then £100,000, now £150,000) and subsequently tried to sue in court for additional compensation in respect of the same claim, over and above the sum awarded by FOS.
Cranston J had refused to strike out the court proceedings. The Court of Appeal allowed the appeal, ruling that the doctrine of res judicata applied to a determination by FOS and that complainants could not accept a determination and then sue in court for additional compensation in respect of the same cause of action.
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