Media - FLAXMANS BIBA Fringe meeting addresses serious concerns for Brokers
Flaxmans first and lively fringe meeting on the second day of the BIBA Conference drew a large group of Brokers to listen to the intriguingly entitled presentation “The Ombudsman Elephant Trap”.
The forty minute event was hosted by Flaxmans' Chairman Roger Flaxman, who of course is no stranger to BIBA events and recognised as a well-known industry speaker, and co-presented by Michael Wilson one of Flaxmans Senior Consultants, who is based in Manchester.
The presentation centred around the recent decision of the Court of Appeal in Clark & Anr v In Focus which decided that if an FOS award of compensation is accepted it is no longer permissible to go to court for any further monies over and above what the Ombudsman has awarded.
The broker’s ordinary duty of care to a customer typically extends to matters of claims and so it is now important for brokers to recognise the elephant traps in the FOS process before recommending its clients to go that route.
A lively debate took place that could have gone on for a lot longer had the room not been needed for another party. Good questions about the unintended consequences of the decision were delivered well by the audience and even the FOS attendee agreed that is indeed something to think about.
Speaking after the event Roger Flaxman commented “the Court of Appeal's explanation in the decision seems entirely logical from the strictly legal point of view but it does seem to have driven a stake into the heart of the FOS' raison d'etre. Will it be changed? We shall have to wait and see".
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