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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Does anyone have experience dealing with the Financial Ombudsman

Customer Question

Does anyone have experience dealing with the Financial Ombudsman I would need some advice on FoS Complaints.
Submitted: 3 years ago.
Category: Law
Expert:  Jo C. replied 3 years ago.

Thank you for your question. My name is Jo and I will try to help with this.

What do you want to know about this? What exactly is the nature of the complaint and who is it against?
Customer: replied 3 years ago.

Financial Mis-selling against a broker.


They also had execution issues however, there is an exclusion clause in the contract on execution and from my experience the FOS would not award me for execution issues since there is an exclusion clause.

Expert:  Jo C. replied 3 years ago.
This would appear to be more of a contractual issue which is not really my area so I will opt out for another expert

Expert:  Ash replied 3 years ago.
Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.

I see the expert has opted out. Briefly what is the nature of the dispute ?

Customer: replied 3 years ago.

Right, nature is that the execution cost is very high. The service has two platforms a professional one and a retail one. I inquired whether I should be using the retail one or the professional one and they said retail. However, since my trades are quite late they contacted me themselves and advertised more features and have communicated ot me that they would look for better execution linking and execution venues for me. However they did not do so, they have also said that the retail platform is enough is handling my trades, however, it was very poor in handling my trades and my service deviated from 86% of their clients.


However, in their response they do have some exclusion clauses in their execution saying that they do not guarantee execution to be at the price quoted on the platform. However, my point is if I used the professional platform my cost might not even be so high so I am claiming mis-selling with the Ombudsman.


But from my experience Ombudsman does reply on such exclusion clauses. What should I do?

Expert:  Ash replied 3 years ago.
Did you read the exclusion before signing it? Are you a consumer or business?

Customer: replied 3 years ago.
Consumer. Yes I did. But the cost is definitely out of the accepted norm of the industry. If it's within the accepted norm then ok. But it isn't.
Expert:  Ash replied 3 years ago.
Did you read it please? Did you sign on their premises?

Customer: replied 3 years ago.

I read it. I did not sign it on the premises, but I clicked I agree.

Expert:  Ash replied 3 years ago.
Ok so it's online. Did you cancel within 7 days or try to? If not how long did you have the agreement?

Customer: replied 3 years ago.

I had it for three months from jan to march which i cancelled now because the cost is ridiculously higher than the social norm.

Expert:  Ash replied 3 years ago.
You could argue Regulation 5 of The Unfair Terms in Consumer Contracts Regulations 1999 which states:

5. (1) A contractual term which has not been individually negotiated shall be regarded as unfair if, contrary to the requirement of good faith, it causes a significant imbalance in the parties' rights and obligations arising under the contract, to the detriment of the consumer.

(2) A term shall always be regarded as not having been individually negotiated where it has been drafted in advance and the consumer has therefore not been able to influence the substance of the term.

(3) Notwithstanding that a specific term or certain aspects of it in a contract has been individually negotiated, these Regulations shall apply to the rest of a contract if an overall assessment of it indicates that it is a pre-formulated standard contract.

(4) It shall be for any seller or supplier who claims that a term was individually negotiated to show that it was.

(5) Schedule 2 to these Regulations contains an indicative and non-exhaustive list of the terms which may be regarded as unfair.

Can I clarify anything for you about this today please?


Customer: replied 3 years ago.

Right does the ombudsman refer to these laws since they said they arei nformal.

Expert:  Ash replied 3 years ago.
The Ombudsman decision is not legally binding, or are they lawyers. But it is a free start before going to Court.


Customer: replied 3 years ago.

Would the exclusion clauses be legally enforceable if the firm's misrepresentation cause the exclusion clauses to kick into effect?

Expert:  Ash replied 3 years ago.
If they are unfair and the Judge decides so then no.


Customer: replied 3 years ago.

Right could the ombudsman determine that?

Expert:  Ash replied 3 years ago.
Not necessarily no - that would more likely be for a Judge.


Expert:  Ash replied 3 years ago.
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