Category: financial services ombudsman

FOS respondents still at risk of further action despite Clark v In Focus ruling – Commercial Disputes Blog

Posted September 1st, 2014 in appeals, arbitration, compensation, complaints, financial services ombudsman, news by sally

‘When Lady Justice Arden handed down her judgment in the Court of Appeal case of Clark v In Focus, she held that a complainant cannot accept an Ombudsman’s award at the statutory maximum (currently £150,000) and sue in court for the balance of their redress if it exceeds that limit. We hoped in vain that that would be the final word on the issue.’

Full story

Commercial Disputes Blog, 28th August 2014

Source: www.rpc.co.uk

Power of attorney: how flawed system cost one family £30,000 – Daily Telegraph

Posted July 14th, 2014 in abuse of position of trust, complaints, delay, financial services ombudsman, news, powers of attorney, statistics by sally

‘Rules granting other people control over your money when you are elderly or infirm are open to abuse. We highlight one sobering case.’

Full story

Daily Telegraph, 12th July 2014

Source: www.telegraph.co.uk

Clark and another v In Focus Asset Management & Tax Solutions Ltd (Financial Ombudsman Service intervening) – WLR Daily

Posted February 21st, 2014 in compensation, financial advice, financial services ombudsman, law reports, ombudsmen, res judicata by sally

Clark and another v In Focus Asset Management & Tax Solutions Ltd (Financial Ombudsman Service intervening) [2014] EWCA Civ 118; [2014] WLR (D) 76

‘The doctrine of res judicata precluded a complainant who had accepted an award made by the Financial Ombudsman Service from starting legal proceedings to pursue complaints which had already been submitted to the ombudsman service and which the ombudsman had decided. Further, section 228(5) of the Financial Services and Markets Act 2000 did not exclude the operation of res judicata.’

WLR Daily, 14th February 2014

Source: www.iclr.co.uk

UCAS and the extent of FOIA: Tribunal favours wide approach – Panopticon

Posted January 17th, 2014 in financial services ombudsman, freedom of information, news, police, universities by sally

‘Transparency advocates often express frustration at the number of bodies which are not within the scope of FOIA, because they are not listed or designated as ‘public authorities’ for FOIA purposes. The Coalition government responded by announcing, in January 2011, that FOIA would be extended to a number of additional bodies. This was done with effect from 1 November 2011, through the Freedom of Information (Designation as Public Authorities) Order 2011. This brought the Association of Chief Police Officers of England, Wales and Northern Ireland (ACPO); the Financial Ombudsman Service and the Universities and Colleges Admissions Service (UCAS) within the scope of FOIA.’

Full story

Panopticon, 16th January 2014

Source: www.panopticonblog.com

‘Vishing’ and courier scam complaints increase – BBC News

Posted December 16th, 2013 in banking, complaints, financial services ombudsman, fraud, news, statistics by sally

‘Banks are failing to refund some victims of a phone scam that involves people being duped into transferring money from their own bank account to one that is accessible to a fraudster.’

Full story

BBC News, 14th December 2013

Source: www.bbc.co.uk

FCA consults on “fairer and more transparent” rules on use of client commissions by investment managers – OUT-LAW.com

Posted November 27th, 2013 in consultations, financial regulation, financial services ombudsman, news by tracey

‘Stricter rules on what costs of trade-related services can be passed on to clients of investment managers in the form of commission payments have been proposed by the Financial Conduct Authority (FCA).’

Full story

OUT-LAW.com, 27th November 2013

Source: www.out-law.com

Regulator to review banks’ complaint handling processes as ombudsman complaints reach record levels – OUT-LAW.com

Posted September 5th, 2013 in banking, complaints, financial regulation, financial services ombudsman, news by sally

“The financial industry regulator is to conduct a review of the way in which customer complaints to banks and building societies are handled, one of its directors has confirmed.”

Full story

OUT-LAW.com, 4th September 2013

Source: www.out-law.com

OFT forces payday lenders out of market – The Guardian

Posted July 31st, 2013 in consumer protection, debts, financial regulation, financial services ombudsman, loans, news by sally

“Almost a third of the payday lenders ordered to clean up their practices have opted to withdraw from the industry, the Office of Fair Trading has revealed, as the deadline for firms to respond passed.”

Full story

The Guardian, 30th July 2013

Source: www.guardian.co.uk

FCA fines rogue property trader nearly £1m – The Guardian

Posted June 19th, 2013 in costs, financial services ombudsman, fines, housing, mortgages, news, valuation by sally

“The operator of a property scheme who misled vulnerable customers to make money from the sale of their homes has been fined almost £1m by the City regulator and banned from working in the financial services industry.”

Full story

The Guardian, 19th June 2013

Source: www.guardian.co.uk

FSA win highlights role of judicial review as remedy of last resort, says expert – OUT-LAW.com

Posted June 19th, 2013 in banking, financial services ombudsman, fines, judicial review, news by sally

“The former finance director of Bradford & Bingley has failed in his attempt to have the courts overturn a £100,000 fine issued by the financial services regulator.”

Full story

OUT-LAW.com, 18th June 2013

Source: www.out-law.com

Victory for family denied cancer claim payout for father – The Guardian

Posted April 26th, 2013 in cancer, disclosure, financial services ombudsman, health, insurance, news by tracey

“The family of a man who died of cancer but whose life insurance payout was refused on the grounds that he failed to disclose pins and needles have won their fight against Friends Life, after the financial ombudsman ruled that the insurer was wrong to cancel his policy.”

Full story

The Guardian, 26th April 2013

Source: www.guardian.co.uk

PPI complaints rise ‘unprecedented’, says ombudsman – BBC News

Posted March 5th, 2013 in banking, complaints, financial services ombudsman, insurance, news by sally

“The financial ombudsman service is taking on 2,000 new cases a day following payment protection insurance (PPI) complaints, with numbers rising at “unprecedented” rates.”

Full story

BBC News, 4th March 2013

Source: www.bbc.co.uk

RBS awaits hefty fines for Libor rigging – The Guardian

Posted January 21st, 2013 in banking, financial services ombudsman, fines, hedge funds, interest, news by sally

“Stephen Hester lays groundwork for penalties expected to be £500m or more.”

Full story

The Guardian, 20th January 2013

Source: www.guardian.co.uk

House fire couple’s insurance battle over ‘occupancy’ – BBC News

Posted September 3rd, 2012 in complaints, financial advice, financial services ombudsman, fire, insurance, news by tracey

“Not living full-time in your home can invalidate your insurance, as one couple found out when fire devastated their property during renovation work.”

Full story

BBC News, 2nd September 2012

Source: www.bbc.co.uk

The FSA’s Investigations and Enforcement Regime Challenge in the Tribunal – Thirty Nine Essex Street

Posted March 19th, 2012 in financial services ombudsman, news, tribunals by sally

“The Tribunal’s function under the Financial Services and Markets Act 2000 is to:
‘determine what (if any) is the appropriate action for the decision-maker [i.e. the Financial services Authority] to take in relation to the matter referred … to it’ (section 133(5)).”

Full story (PDF)

Thirty Nine Essex Street, 21st February 2012

Source: www.39essex.com

Ombudsman sets out relationship with new Financial Conduct Authority – OUT-LAW.com

Posted February 27th, 2012 in bills, complaints, consumer protection, financial services ombudsman, news, ombudsmen by tracey

“The Financial Ombudsman Service (FOS) has set out how it intends to co-operate with new regulator the Financial Conduct Authority .”

Full story

OUT-LAW.com, 24th February 2012

Source: www.out-law.com

Freedom of information scope increased – Ministry of Justice

Posted November 2nd, 2011 in financial services ombudsman, freedom of information, police, press releases, public interest, universities by tracey

“The public can now request information from three new bodies under the Freedom of Information Act.”

Full press release

Ministry of Justice, 1st November 2011

Source: www.justice.gov.uk

Greater transparency in Freedom of Information – Ministry of Justice

Posted March 30th, 2010 in financial services ombudsman, freedom of information, Ministry of Justice, news, police, universities by sally

“The Freedom of Information Act will be extended to cover four more public bodies and increase the public’s right to access information, Justice Minister Michael Wills announced today.”

Full story

Ministry of Justice, 30th March 2010

Source: www.justice.gov.uk

Financial firms may pay extra for rudeness, warns Ombudsman – OUT-LAW.com

Posted August 13th, 2008 in compensation, financial regulation, financial services ombudsman, news by sally

“Delays, rudeness and poor claims handling are grounds for ordering financial services firms to compensate customers, the Financial Ombudsman Service (FOS) has said. Payments can be ordered in addition to other remedies.”

Full story

OUT-LAW.com, 12th August 2008

Source: www.out-law.com

Bunney v. Burns Anderson plc and another; Cahill v. Timothy James & Partners Ltd. – WLR Daily

Posted May 31st, 2007 in financial services ombudsman, law reports by sally

Bunney v. Burns Anderson plc and another; Cahill v. Timothy James & Partners Ltd. [2007] EWHC 1240 (Ch.) 

“The Financial Services Ombudsman did not have the power to make a direction under s 229(2)(b) of the Financial Services and Markets Act 2000 that would require a respondent to make a money award exceeding the statutory cap provided in the Ombudsman scheme rules.”

WLR Daily, 25th May 2007

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.