Archives: Financial Ombudsman Service

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High Court reaffirms FOS discretion to depart from the law when “fair and reasonable”

The recent case of R (Aviva Life and Pensions) v Financial Ombudsman Service discusses and reaffirms the position that the Financial Ombudsman is not bound to follow the law when making its determinations but must instead make decisions that are “fair and reasonable in all the circumstances”. This reaffirms the Court of Appeal decision in R (Heather Moor … Continue Reading

Financial Ombudsman makes adviser pay for failing to stop £250,000 fraud on client

The Financial Ombudsman Service has sent a clear message to financial advisers that they must be vigilant to the risk of fraud when processing transactions on behalf of their clients. In its 23 August newsletter the FOS highlighted a recent case in which an adviser was ordered to pay fraud losses that the Ombudsman considered … Continue Reading
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