View more on these topics

Defence Union starts human rights action against FOS

The IFA Defence Union has formally applied to the High Court for a judicial review against the Financial Ombudsman Service for allegedly breaking European human rights law.

The application was made in person last week by ATE Risk legal risk analyst Andrew Wesson, who will organise the underwriting of the union’s case if it reaches judicial review.

The case rests on the union’s contention that the FOS has breached Article 6.1 of the Human Rights Act by not allowing advisers a right to the 15-year long-stop defence under its dispute resolution rules.

The judge has three months to decide whether to grant a judicial review. If a review is not granted, the union has a right to an oral hearing to state its case.

The IFADU says it will mount a challenge in the European Court of Human Rights in Strasbourg if it exhausts all domestic legal avenues.

Wesson says he believes the IFADU has a very strong case and is confident of a positive decision from the courts.

He says: “It is sad that IFAs do not have a valid and robust avenue for appeal against FOS decisions while paying so much money in fees.

“If we are successful with the claim, the implications are huge for the way the financial services industry is set up and will affect everyone from the Treasury and FSA down to individual advisers.”

FOS spokeswoman Emma Parker says: “We are a publicly accountable body and it is right that firms have the ability to appeal for a judicial review if they believe they have an appropriate case. It is up to the courts to decide what happens next.”


Basic instinct

The Financial Services Compensation Scheme compensates customers of insolvent financial services firms. It gives customers confidence that most of their capital is secure and so helps encourage saving and investment. It has a small staff and resolved nearly 26,000 cases last year.

Cable in call to axe high-rate tax relief

The Liberal Democrats want to axe higher-rate pension tax relief and end forced annuitisation at age 75. In the party’s Tax Commission proposals Shadow Chancellor Vince Cable set out plans for a fundamental reform of the tax system last week under the slogan, Fairer, Simpler, Greener. Cable says it is particularly difficult to defend higher-rate […]

UCB ups rates following base rate decision

UCB Home Loans has become the latest lender to up it rates following the base rate rise two weeks ago.The lender will increase its variable rates by 0.25 per cent for both new and existing borrowers from September 1. This follows the decision to increase the base rate from 4.5 per cent to 4.75 per […]

Pos Sol forum takes place in September

Positive Solutions National Partner Forum is to take place on 28 September at the Birmingham International Convention Centre.As well as inviting its 1200 adviser partners Pos Sol is offering places to 200 advisers from outside the firm so they can learn more about the company.Pos Sol chief executive Neil Johnson says: This is a strong […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm