Adviser bids to appeal landmark High Court FOS ruling

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.