Rix LJ considered the possible scope of rules made by the respondent saying: ‘In my judgment, the following values are all to be appreciated and brought into a pragmatic balance: that an efficient and cost-effective and relatively informal type of alternative dispute resolution should not be stifled by the imposition of legal doctrine; that the opportunity for the development of new ideas was fitting to financial service industries operating in consumer markets should be appreciated for the benefits they can bring; that on the other hand transparency, consistency and accessibility as to the principles which inform the ombudsman’s determinations remain virtues in this new setting; and that publicity as to those principles and those determinations can assist in that regard.’
Judges:
Laws, Rix, Stanley Burnton LJJ
Citations:
[2008] EWCA Civ 642, [2008] Bus LR 1486, (2008) 158 NLJ 897
Links:
Statutes:
Financial Services and Markets Act 2000
Jurisdiction:
England and Wales
Cited by:
See Also – Financial Ombudsman Service v Heather Moor and Edgecomb Ltd CA 11-Jun-2008
The FOS appealed refusal of a court to award it legal costs on successfully defending claims in the County Court. It said that the cases had raised an issue of importance. . .
Cited – British Bankers Association, Regina (on The Application of) v The Financial Services Authority and Another Admn 20-Apr-2011
The claimant sought relief by way of judicial review from a policy statement issued by the defendants regarding the alleged widespread misselling of payment protection insurance policies, and the steps to be taken to compensate the purchasers. They . .
Cited – British Bankers Association, Regina (on The Application of) v The Financial Services Authority and Another Admn 20-Apr-2011
The claimant sought relief by way of judicial review from a policy statement issued by the defendants regarding the alleged widespread misselling of payment protection insurance policies, and the steps to be taken to compensate the purchasers. They . .
Lists of cited by and citing cases may be incomplete.
Financial Services
Updated: 15 July 2022; Ref: scu.268798