Financial Ombudsman's statutory powers

Joanna Gray

Journal of Financial Regulation and Compliance, 2007, vol. 15, issue 4, 487-491

Abstract: Purpose - This paper aims to report and comment on a successful High Court challenge by financial advisory firms via the financial Ombudsman. Design/methodology/approach - The paper's approach is to outline the facts and explain the decision. Findings - Although the industry will welcome this decision, the FSA and the Ombudsman may not and the comments made by Mr Justice Lewison recognise what may be an eternal tension between “regulatory” redress schemes in the financial services industry and the courts and the common law. Originality/value - The paper provides a useful commentary on a decision that has some considerable significance to the financial services industry.

Keywords: Legal process; Legal disputes; Law courts (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfrcpp:v:15:y:2007:i:4:p:487-491

DOI: 10.1108/13581980710835326

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