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Adviser bids to appeal landmark High Court FOS ruling
by Michelle Abrego on Jan 11, 2013 at 17:11
Adviser firm In Focus Asset Management & Tax Solutions has applied to appeal a landmark judgment over Financial Ombudsman Service (FOS) compensation.
The firm is seeking to appeal a High Court ruling allowing investors Barry and Julie Clark to pursue it for further damages despite having been awarded the maximum payout from the FOS.
That ruling clashed with a landmark court judgment made in 2010 by judge Mark Pelling that accepting a FOS award ruled out court action over the same compliant.
Advisers have voiced fears the ruling could lead to professional indemnity cover costs to jumping yet higher.
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