Financial newbie

AGENTK_2

HI EVERYBODY, im in the early stages of taking my bank to court through the financial ombudsman service. has any one here been through this process before? It is a very complicated case and i feel totally overwhelmed by it all. the scottish ombudsman service has advised me that we need to go to court asap because of the amount of money were dealing with, due to the fact that the ombudsman service can only pay out a maximum of £1.5 million to a private individual. im from a some what poorish back round and have never seen numbers like this before execpt in telephone numbers. The ombudsman service is free right? because we were advised that the court would take up to 10 % for costs.???. can a solicitor ask for a fee or do they recoup from the other side? any info would be greatly appreciated. thanks for reading

InsideInsurance

The FOS limit is £150,000 not £1,500,000 - see http://www.financial-ombudsman.org.uk/publications/factsheets/compensation-over-100000.pdf

They can request the financial institute to pay more than £150k but the financial institute isnt obliged to do so hence their suggestion of going to court.

Scots law is very different to English but was the contract in question under English or Scots law? Certainly under English law the courts dont take a percentage of your award and I would be highly surprised if the Scots did.

Obviously if you are claiming more than £1.5m in compensation you are going to be using a solicitor so why are you asking here and not to your solicitor?

If you arent used to numbers this large other than in telephone numbers how do you calculate you are entitled to this level of compensation?

grumbler

AGENTK wrote: »

HI EVERYBODY, im in the early stages of taking my bank to court through the financial ombudsman service.

It's FOS or court or first FOS, then court.

has any one here been through this process before? It is a very complicated case and i feel totally overwhelmed by it all. the scottish ombudsman service has advised me that we need to go to court asap because of the amount of money were dealing with, due to the fact that the ombudsman service can only pay out a maximum of £1.5 million to a private individual.

I don't think that FOS pay. If they rule in your favour then it's the bank that pay.

im from a some what poorish back round and have never seen numbers like this before execpt in telephone numbers. The ombudsman service is free right?

Yes - for the customers.

because we were advised that the court would take up to 10 % for costs.???. can a solicitor ask for a fee or do they recoup from the other side? any info would be greatly appreciated. thanks for reading

The solicitor can ask, but, AFAIK, there is no guarantee that the judge agrees. If you find a "no win no fee" solicitor, do you really care if you win 'millions'? If you lose you can't recover the fees anyway.

AGENTK_2

Thanks for the info insideinsurance and grumbler , ive spoken with various solicitors and they wont take the case on as the ombudsman are dealing with it. Albeit slowly, the compensation is as follows £500 per hour 24 hrs a day till a resolution has been agreed to, this has been transcripted by the bank and the Scottish ombudsman has agreed to that figure. This started on the 25th march this year. So it will add up very quickly. Thanks again

eskbanker

Surely any reimbursement or compensation should be proportional to actual losses incurred rather than being derived from what sounds like a fairly arbitrary time-based calculation, or are real losses being racked up at this rate?

Archi_Bald

A few things don't add up here

• the Scottish ombudsman doesn't deal with matters concerning financial institutions
• there doesn't appear to be a Scottish FOS, just a UK-wide FOS
• the FOS makes it very clear that if they feel a case should go to court, they will no longer be involved.
• The FOS specifically recommend independent legal advice if a case goes to Court, so why would several Solicitors decline to get involved?
• as InsideInsurance pointed out, the limit is £150K not £1.5m

What does "this has been transcripted by the bank" mean? Is that a scottish legal expression?

AGENTK_2

Hi there, its the financial ombudsman whos dealing with it, its based in Edinburgh.the solicitors that I called said that the financial ombudsman would have to deal with it first. But I was advised by the ombudsman that they would help with court even coming with us on the day! When we are due to select a solicitor to help us is there a standard fee or rate?.conversations between me and the bank have been printed out for the the ombudsman to look at to see if we have a case against the bank and he advised us to were going to court.asap

grumbler

Are you sure you are dealing with FOS?
What you say keeps making no sense.

http://www.financial-ombudsman.org.uk/publications/factsheets/index.html

And no, there is no 'standard fee or rate'.

InsideInsurance

Unless you are suffering ongoing losses due to the banks breach in obligations then compensation is not going to be a function of ongoing time. Even if you were then you'd be talking about having to have invested more than eight million or so to get anything close to £500 a day in losses and thats assuming you were promised a very healthy return rate and got nothing at all.

Increasingly this thread is sounding like a wind up

grumbler

It's £500 per hour, not per day. LOL.

NotRichAtAll

How the hell do you think you deserve £500 per hour compensation?