Having your cake and eating it: FOS award is no bar to issuing proceedings

The High Court has held that individuals can claim damages from financial services providers in excess of the amount of a Financial Ombudsman Service (FOS) determination. Katharine Harle examines the judgment and its significant implications for firms and consumers.

Katharine Harle is an associate in law firm SNR Denton's London office. Contact her on katharine.harle@snrdenton.com.

In Clark and another v In Focus Asset Management & Tax Solutions Ltd [2012] EWHC 3669 (QB) it was held that individuals who complained to the FOS about a firm, accepted a favourable decision and received payment, can still litigate to recover more in damages.