CITY LAWYERS say it will be "almost impossible" to challenge any decision from the Financial Ombudsman, according to this morning's Times, following a key ruling in the High Court against an IFA firm.
City law firm Freshfields Bruckhaus Deringer has also accused the Financial Ombudsman Service of having “no effective checks or balances”, continues the Times after a ruling in the High Court involving financial adviser IFG Financial Services and its case against the FOS. Mr Justice Stanley Burnton found last month the FOS was free to order companies to pay damages, even if that company would not be required to pay compensation under English law. The case in question saw two clients of IFG report the adviser to the FOS after it is said to have wrongly invested their money in a high-ri...
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