Financial advisers are appalled at a recent FOS decision, where FOS has decreed that a mortgage consultant should repay £90k when a client he helped, but did not apparently advise (the client was a qualified chartered accountant) remortgaged and put the cash into a Bulgarian buy to let which failed. Links below to both sides of the story.
IFAs are trying to raise cash to take FOS to Judicial Review. Regardless of the issues here, the chance of winning a JR against FOS is remote. FOS’s remit is so wide its almost impossible to criticise their decisions. I wish them luck though.