R (on the application of Brinsons) v Financial Ombudsman Ltd [electronic resource]
R (on the application of Brinsons) v Financial Ombudsman Ltd [electronic resource]
- 2007
[2007] EWHC 2534 (Admin), 31 August 2007. Considers whether a former member of the Personal Investment Authority Ombudsman Scheme was obliged to cooperate with a complaint regarding his business which arose during the term of his membership. The claimant firm (B) applied for judicial review of the Financial Ombudsman Service (F)'s decision that F had jurisdiction to hear a complaint made against B by former clients. The complaint was regarding the misselling of an endowment policy. B was a member of the Scheme at the time of the sale, but was exempted from 1997 until 2002, when the Scheme no longer applied. "Held": Article 3(a) of the Financial Services and Markets Act 2000 (Transitional Provisions) (Ombudsman Scheme and Complaints Scheme) Order 2001 required B to have been a member of a former scheme immediately before introduction of the Financial Services and Markets Act 2000. The rules of the Scheme provided that B would be liable for any complaints arising from B's actions during his membership and the Scheme was relevant up to the 2000 Act. Accordingly, B was subject to F. Application refused.
R (BRINSONS) V FINANCIAL OMBUDSMAN SERVICE LTD
FINANCIAL SERVICES ACT 1986 S7
FINANCIAL SERVICES AND MARKETS ACT 2000
FINANCIAL SERVICES AND MARKETS ACT 2000 (TRANSITIONAL PROVISIONS) (OMBUDSMAN SCHEME AND COMPLAINTS SCHEME) ORDER 2001
England and Wales--1543-
[2007] EWHC 2534 (Admin), 31 August 2007. Considers whether a former member of the Personal Investment Authority Ombudsman Scheme was obliged to cooperate with a complaint regarding his business which arose during the term of his membership. The claimant firm (B) applied for judicial review of the Financial Ombudsman Service (F)'s decision that F had jurisdiction to hear a complaint made against B by former clients. The complaint was regarding the misselling of an endowment policy. B was a member of the Scheme at the time of the sale, but was exempted from 1997 until 2002, when the Scheme no longer applied. "Held": Article 3(a) of the Financial Services and Markets Act 2000 (Transitional Provisions) (Ombudsman Scheme and Complaints Scheme) Order 2001 required B to have been a member of a former scheme immediately before introduction of the Financial Services and Markets Act 2000. The rules of the Scheme provided that B would be liable for any complaints arising from B's actions during his membership and the Scheme was relevant up to the 2000 Act. Accordingly, B was subject to F. Application refused.
R (BRINSONS) V FINANCIAL OMBUDSMAN SERVICE LTD
FINANCIAL SERVICES ACT 1986 S7
FINANCIAL SERVICES AND MARKETS ACT 2000
FINANCIAL SERVICES AND MARKETS ACT 2000 (TRANSITIONAL PROVISIONS) (OMBUDSMAN SCHEME AND COMPLAINTS SCHEME) ORDER 2001
England and Wales--1543-