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…
If you are registered and logged in to the site, click on the link below to read the rest of the Shoosmiths briefing. If not, please register or sign in with your details below.
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 Shoosmiths
News from The Lawyer
Briefings from Shoosmiths
The European Commission has announced that it had used its fast-track settlement procedures to investigate and impose fines in respect of a parking heater cartel.
This is the second article on sustainable drainage systems (SuDS) and looks at options for maintenance.
Analysis from The Lawyer
Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future
There’s more to the ABS model than attracting the man in the street and procuring external investment. Partners at the big corporate firms, take note…