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Enforcing Financial Ombudsmans Decisions
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debitsncredits
Posts: 3 Newbie
Has anyone had to do this. I have a decision to enforce as a money award but wondered if anyone has had any experience of doing so, whether that was successful, whether there are any pitfalls and of the costs involved.
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Comments
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The vast majority of firms will pay out as instructed. The risk of not doing so is that the FSA can shut you down once it becomes aware of the firm not paying its liabilities.
So, if you have a case like this, go to the FSA and let them know.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The FOS has reported him to the FSA but he still wont pay. I was interested in talking to anyone who had gone through with enforcing the decision in the County Court as it doesnt seem to be straightforward. As a relatively small sum of money, 10K, would be wiped out if I instructed Solicitors. But thanks anyway - you probably havent had one enforced against you!0
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I wouldn't call 10K a small sum, although it is when talking about solicitors' fees. Do you have legal protection insurance?
What is this "person" you're talking about? Is it a one-man IFA?You've never seen me, but I've been here all along - watching and learning...:cool:0 -
An ombudsman's decision isn't actually legally binding between you and them in a court of law, is it?0
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