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Fatchett offers free test case against provider

Law firm Financial Services Legal is offering to run a test case against a product provider on the basis of the Ockwell/Zifa judgment free of charge.

FSL solicitor Gareth Fatchett is looking for a case where an IFA has compensated a client within the last three years for a sum less than 5,000 so the small claims court can be used.

Fatchett says he is looking for a case where the IFA has clear evidence of misrepresentation in a product provider’s documentation, such as incorrect statement of Lautro costs in an endowment policy case or a clearly inaccurate misstatement of risk on precipice bonds.

The Ockwell/Zifa case, reported on this page, was originally brought in the High Court rather than through the Financial Services Ombudsman because it related to an offshore product that was not covered by the Financial Services & Markets Act.

However, a test case could make a third-party claim for a contribution against a product provider for its part in the liability for contributory negligence on the grounds of the Ockwell/Zifa case.

In the case, the judge found that the product provider Zifa was in part responsible for the client’s loss even though a small amount of investigation by the adviser would have shown that the product was clearly not low-risk.

Fatchett can be contacted at info@financial

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Norwich Union’s manager of managers’ suite, set to launch this month, will include mandates run by the fund arms of rival life offices including Aegon and Standard Life.

Scheme aims to engage the public with IFA sector

Alan Swaysland’s letter on “Free PFS advice service helping the wrong client” (Money Marketing, May 5) throws an interesting light on the approach of some IFAs to trying to engage more customers with the IFA sector.

What was known as the “CAB/Sofa” scheme has been inherited by the PFS. I have attended one session of the steering group which is overseeing this service. It is a pilot scheme and a report is due this year. Only then will it be possible to make an assessment of the success or otherwise of the experiment.


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