Lawyers have said a High Court ruling permitting a couple to sue their IFA for more than £500,000, despite having accepted the maximum amount of compensation available via the Financial Ombudsman Service (FOS), is "bad news" for advisers.
The ruling overturns a previous judgement which ordered Barry and Julie Clark's legal case against Focus Asset Management should be dismissed after they received £100,000 from the firm via the FOS for wrongly advising them about their investments after they sold their business in 2001. The couple, who are in their mid to late 60s, said that they specifically stated in their acceptance of the FOS award that they were only accepting the award on the grounds it would not negate their right to pursue their adviser through the courts for the remainder of their losses. The Clarks claim the ...
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