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FINANCIAL SERVICES: Show me the money

11 April 2014  

Helen Mulcahy and Davina Bentley consider a recent ruling in relation to claims made to the Financial Ombudsman

The Court of Appeal recently considered whether the common law doctrine of res judicata applied in circumstances where the Financial Ombudsman makes an award, which is accepted by an aggrieved consumer, who then goes on to issue court proceedings to recover compensation beyond the compensation cap operated by the Financial Ombudsman scheme. The decision is a welcome clarification of previously conflicting authorities in the High Court.

Additional Info

  • Case(s) Referenced:

    Andrews v SBJ Benefit Consultants [2010] EWHC 2875 (Ch)

    Clark & anor v In Focus Asset Management & Tax Solutions Ltd & anor [2014] EWCA Civ 118