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Chance to recover more than Financial Ombudsman’s award?

4 January 2013

Until recently the courts took the view that if a complainant accepted the Financial Ombudsman’s final determination (with a statutory limit of £150,000 for any such award) the complainant could not then seek to recover any additional damages by bringing a separate court action.

In the recent case of Clark and another v In Focus Asset Management & Tax Solutions Ltd the High Court has gone against previous judgments and ruled that individuals can seek to claim damages from a financial services provider for an amount in excess of the Financial Ombudsman’s determination by issuing court proceedings to recover the balance.

The Clark judgment may be appealed but in the meantime provides an opportunity for individuals with claims of a high value that are referred to the Financial Ombudsman to seek to recover any balance over the statutory maximum that the Ombudsman can award.

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Jonathan Newbold

Jonathan Newbold

Partner and Head of Financial Services & Insurance

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