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17-02-2014

Interesting case for anyone with gripes against financial services providers - do not necessarily accept the ombudsman route without advice on what your true compensatable loss is. Financial Ombudsman Service compensation is final.

The Court of Appeal has ruled that claimants cannot accept a compensation ruling from the Financial Ombudsman Service (FOS) and later claim for more in the courts.

Clients of In Focus Asset Management and Tax Solutions were pursuing a top-up compensation claim for negligent advice for which the FOS had already awarded them £100,000, when the Court of Appeal threw their case out.

While this is pleasing to those regulated professionals, victims need to take care to consider whether the court may be a better route than an Ombudsman complaint.

Frances Coulson (fcoulson@moonbeever.com)

This is intended for general information only and should not be considered as giving advice in relation to any individual case nor be taken as applying to any particular case. No liability is accepted for any such use of the information.

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