Surprise as court allows claim to recover losses above FOS ruling
The High Court has held that individuals who have had a complaint determined by the Financial Ombudsman Service (FOS), and who have accepted the determination of the FOS in their favour, are not prevented from bringing a subsequent court claim to recover damages in excess of the FOS’s ruling.
This surprising decision in Clark v In Focus Asset Management & Tax Solutions Ltd may well be appealed, and certainly Court of Appeal guidance on this question is now required. It had been thought, following Andrews v SBJ Benefit Consultants, that where a claimant accepts a final determination from the FOS this would preclude a court claim in relation to the same matter. The point is relevant to high value claims because the FOS can award a maximum of £150,000 and merely recommend the respondent firm pay the balance.
If you are registered and logged in to the site, click on the link below to read the rest of the Walker Morris 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 Walker Morris
News from The Lawyer
Briefings from Walker Morris
The Court of Appeal has upheld a summary judgment on an application for a declaration of non-infringement of patent.
The design in issue in Cezar v OHIM was for a skirting board duct.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.