Judicial reviews will rise after FOS award change, warns law firm
The announcement by the Financial Services Authority (FSA) that the Financial Ombudsman Service's (FOS) maximum binding award is to be increased to £150,000 will lead to an increase in judicial reviews according to lawyers at Browne Jacobson.
The FSA has stated that the limit will rise on 1 January 2012 from its current level of £100,000.
Jonathan Newbold, a specialist in financial services and dispute resolution at law firm Browne Jacobson, commented: "Now that more money will be at stake when the FOS determines complaints there are likely to be more attempts to challenge its decisions.
"It will be interesting to see if the courts will be able to find a way through the FOS's very wide statutory authority derived from the Financial
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