Tag: Financial Regulation

FOS Scheme Solicitor Barrister Lawyer UK

Financial Ombudsman Service Consults on Unprecedented Workload

The Financial Ombudsman Service (FOS) is preparing for an unprecedented workload in 2013/2014, driven mainly by 245,000 payment protection insurance (PPI) mis-selling cases. To handle this, FOS plans to increase staff significantly, including 1,000 new case workers and more ombudsmen. It will also raise individual case fees and increase the overall levy to support this expanded operation. Contact Lexlaw for advice on managing claims involving FOS processes and addressing complex financial disputes.

rcj royal courts of justice exterior lexlaw litigation tax winding up lawyers

Financial Ombudsman Service Decision Not a Bar to Further Court Action

A Financial Ombudsman Service (FOS) decision does not prevent claimants from pursuing further court action for additional compensation beyond the FOS award. In Clark v In Focus, the High Court ruled that the Ombudsman’s ruling is not legally binding and does not merge causes of action. This is important for bank swaps mis-selling victims who accepted FOS awards but seek further claims. Contact Lexlaw for expert advice on continuing litigation beyond FOS resolutions.