An accountancy firms appeal against a Financial Ombudsmen Service (FOS) decision which ruled it was liable for advising clients to invest into a now-blacklisted tax avoidance scheme has been dismissed by the UK courts.
An appeal has been lodged by three financial advisory firms to overturn a decision made by the High Court to pay Keydata clients compensation before a legal battle with the Financial Services Compensation Scheme (FSCS) has been resolved.
The Financial Ombudsmen Service (FOS) will cut its budget by 13% over the coming year as it looks to develop its services.
The High Court has rejected an application for a judicial review to try to stall decisions on Keydata until after a decision by the Financial Services Compensation Scheme (FSCS) has been made.
The Financial Ombudsman Service has ruled in favour of a client which was advised by Chase de Vere to invest £145,000 into three high risk UCIS funds, six years before his retirement.
Sesame received more complaints than any other advisory firm over the first half of 2014, the Financial Ombudsmen Service (FOS) has revealed in its half year results.
