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Chasers’ court challenge in bid to lift the time bars

Four claim management companies have joined forces for a High Court challenge on the legality of time-barring for endowment compensation claims., CPH Financial Services, Portal Claims and Whitehall Randall are seeking a judicial review of the time-bar rules which they believe could open the door for over one million barred claims to be heard.

Most endowment claims are likely to be time-barred in the next couple of years.

The consortium will have to prove there is a case to be answered by the Financial Ombudsman Service and/or the FSA before getting the go-ahead for a judicial review.

At the same time, law firm SP Legal is seeking a judicial review on behalf of advisers claiming that the 15-year long-stop rule and regulatory record-keeping standards of the time should always apply in considering claims.

SP Legal solicitor Gareth Fatchett says over 250 adviser firms have contacted him after Money Marketing revealed his plans in May, stating they are in similar situations and are willing to become interested parties. Fatchett says: “These claim companies are more interested in themselves and maintaining the ability to line their own pockets rather than helping consumers. Our challenge is taking on the fundamental unfairness in the system that prejudices against advisers.”

FOS spokeswoman Emma Parker says: “The rules on time bars have been the subject of a number of legal challenges from both sides of the fence. It will be up to the courts to decide whether there are any merits in these particular cases.”


Foil mystery shoppers

I refer to the letter from Julian Stevens (July 26) regarding the activities of mystery shoppers and ask why practitioners are getting so agitated about it. My understanding is that an authorised individual cannot provide financial advice without knowing the client’s circumstances. If my understanding is wrong, I await to be corrected so I cannot […]

Lessons from US experience

Advisers in the UK should look to the US for lessons about how a shakeout of the market is likely to affect their businesses, according to JP Morgan Asset Management.The fund firm carried out a survey of the US advice market in 2005 and found that following a period of relative strength for the sector […]

Stroud & Swinton appoints new non-exec director

Stroud & Swindon has announced the appointment of a new non-executive director Glyn Smith who will join the building society on September 1.Smith is a chartered accountant with over 25 years’ experience in financial services.Chief executive David Hill says: “We are delighted to be able to appoint someone of the calibre of Glyn Smith. He […]


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