FOS is the one and only
After what has felt like an interminably long wait, the Court of Appeal has today allowed the appeal in Clark v In Focus.
The decision confirms that once a FOS final determination is accepted by a complainant it is not possible to then bring a civil claim based on the same facts for losses in excess of the £150,000 award limit.
Accordingly, those with grievances against financial services firms will have to make a choice – make a complaint to the FOS, but accept only limited redress will be available; or bring a civil claim, where compensation is unlimited, but the process more rigorous.
As my previous Blog posts show click here to see my previous blogs this is a case we have taken close interest in. Although it has been a long wait for this decision, it seems to be an appropriate Valentine's Day present for financial services firms and their insurers.
More details on this decision can be found in our full Legal Alert, which you will shortly be able to find on our web-page.
Clark v In Focus Asset Management & Tax Solutions