More judicial reviews but no certainty of success, says RPC
There will be more judicial reviews following the decision by the Financial Services Authority (FSA) to increase the top limit of awards by the Financial Ombudsman Service (FOS) however recent events mean the regulators will be “emboldened” in defending them, according to law firm Reynolds Porter Chamberlain (RPC).
The upper limit for awards will be increased to £150,000 from £100,000 on 1 January 2012.
Robbie Constance, senior associate at RPC, told Insurance Age: "I think there will be [an increase in judicial reviews] because firms are increasingly upset at the perceived injustices of working under the FOS' jurisdiction and that it doesn't necessarily apply the rule of law.
"The problem though is that judicial review is expensive and a notoriously high hurdle to clear. I think the FOS jointly with the
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