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R (on the application of Brinsons) v Financial Ombudsman Ltd [electronic resource]

Language: English Publication details: 2007Subject(s): Online resources: Summary: [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.
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Law report Virtual Online ONLINE PUBLICATION (Browse shelf(Opens below)) 1 Available 142257-1001

[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.