FOS to change ruling wording after High Court decision

Laura Miller
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The Financial Ombudsman Service (FOS) will change the wording on its rulings to say that consumers who it has awarded compensation to can also pursue a legal case for redress following a High Court decision last week.

In the case of Barry and Julie Clark against Focus Asset Management, Judge Ross Cranston ruled that the FOS' use of the phrase "full and final settlement" in relation to the award it handed to the couple refers only to a final stage in the FOS process, and does not mean the case cannot be taken to court as well. This contradicts an earlier judgement in 2010 which found that an investor could not pursue a claim in the courts after winning at the FOS. In response to the latest ruling - which could see Focus Asset Management pursued for more than £500,000 - the FOS has said it will now c...

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