FOS award no longer end of the road for claimants
In late December 2012, the High Court heard the appeal in Clark v In Focus Asset Management and Tax Solutions Limited. The case concerned financial advice given to the appellants regarding the sale of their business and business premises in 2001 and 2004 respectively, which caused them substantial loss. They complained to the Financial Ombudsman Service (FOS) and their complaint was upheld, with a final award of £100,000.
This was accepted by the appellants, subject to the words ‘we reserve the right to pursue the matter further through the civil court’. The appellants subsequently issued court proceedings for the balance of their loss. The respondent applied to strike out the claim on the basis that the FOS award had been accepted and accordingly the court had no jurisdiction to entertain the claim. The application to strike out was granted…
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