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ARTICLE · 13 MARCH 2014

Financial Ombudsman Awards Are (Mostly) ‘Final’ Again

Edwards Wildman Palmer UK LLP
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In Clark v In Focus Asset Management & Tax Solutions, the Court of Appeal overturned a controversial High Court decision on complaints to the FOS.

United KingdomInsurance
Chris Finney
Chris Finney
Ajita Shah
Ajita Shah

In Clark & Anr v In Focus Asset Management & Tax Solutions Ltd, the Court of Appeal overturned a controversial High Court decision on complaints to the Financial Ombudsman Service.

The Financial Ombudsman Service

At its most basic, the Financial Ombudsman (FOS) resolves disputes between consumers (Complainants) and financial services providers. The Financial Services and Markets Act 2000 (FSMA) states at section 228(5) that if a Complainant chooses to accept the determination of an ombudsman, that award is final and binding on both parties. It does not, however, expressly state that the parties are precluded from beginning legal proceedings after accepting an award from the ombudsman.

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