FOS compensation case gives industry much needed clarity over claims
Claimants who accept a Financial Ombudsman Service (FOS) final determination will be bound by it and will not be able to then bring a civil claim through the courts against their broker in respect of the same claim following a recent High Court decision.
The FOS can make awards of up to £100,000 but it was, until now, unclear if individuals could take additional legal action to recover any additional losses over and above the £100,000 limit.
In the case of Andrews v SBJ Benefit Consultants the claimant suffered financial loss after he transferred his pension benefit from an occupational pension scheme into a personal scheme on the advice of the defendants.
SBJ Benefit Consultants admitted liability and agreed to pay compensation.
However
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