Two bites at the cherry in FOS disputesAuthor : Michael Bath, Special Counsel and Jane O’Neill, Senior Associate

Financial Lines

The recent decision of the English High Court in Clark v In Focus Asset Management & Tax Solutions Ltd [2012] EWHC 3669 has opened the gates for complainants who have had their dispute favourably determined by the UK Financial Ombudsman Service to bring subsequent court proceedings to recover damages in excess of FOS’ ruling. If followed in Australia, this would effectively give complainants two bites at the cherry, unless Australian financial services licensees successfully take advantage of the additional protection provided under the FOS Terms of Reference in Australia.

We examine the decision in the attached alert.

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