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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 serviceslegal.co.uk.

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