Tag Archives: FOS

FCA consults on proposals to regulate claims management firms

The Financial Conduct Authority (FCA) has issued a joint consultation paper – Claims management: how we propose to regulate claims management companies (CP18/15) (the Consultation) with the Financial Ombudsman Service (FOS) setting out draft proposals on how the FCA intends … Continue reading

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Filed under Announcements, FCA, Herbert Smith Freehills, Regulatory Reform, Sector Updates by Herbert Smith Freehills, UK

High Court agrees FOS was not required to stay determination of complaints pending resolution of a related dispute

The High Court has refused an application for judicial review of the FOS by three IFAs who argued that the FOS ought to have stayed its determination of complaints against them by investors in relation to the misselling of Keydata … Continue reading

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Filed under UK, UK Regulations

UK: FOS had no jurisdiction to deal with D&O complaint as director was not a “consumer” for the purposes of the DISP rules

In R (on the application of Bluefin Insurance Services Ltd) v Financial Ombudsman Service Ltd, the Administrative Court ruled on a judicial review that the Financial Ombudsman Service (“FOS”) had no jurisdiction to entertain a company director’s complaint against an … Continue reading

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Filed under Europe, Insurance, UK

Banking Litigation update

We have published our latest Banking Litigation Update, summarising some of the more important cases and developments affecting UK financial institutions over the first half of 2014, including:

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Filed under Americas, Australia, Banking, UK, US

UK: “Topping up” of FOS awards through the courts not allowed: Court of Appeal overturns High Court decision

The Court of Appeal has handed down an important judgment holding that complainants who had accepted a Financial Ombudsman Service (“FOS”) determination were barred from bringing court proceedings in relation to the same cause of action under the legal principle … Continue reading

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Filed under Asset management, Banking, Funds, Insurance, Investment Funds, UK

UK: Court of Appeal to consider availability of court action to top up FOS awards

The Court of Appeal has granted a firm permission to appeal a recent High Court decision which held that complainants who accept an award of compensation pursuant to a Financial Ombudsman Service (FOS) determination may subsequently seek to “top up” … Continue reading

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Filed under Commercial Litigation, FSA, Retail Banks, UK, UK Regulations

UK High Court rules that Ombudsman awards may be “topped up” through Court Action

The UK High Court has decided that a party who accepts a FOS determination awarding them the statutory maximum (now £150,000) can thereafter pursue claim for damages above that amount through the courts.  The Court concluded the doctrine of merger … Continue reading

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Filed under UK