Unpaid FOS decision

[Stevezzqq]

On 4th August 2022 after over three years complaining, I received an upheld final decision from the FOS.

The IFA has not paid the redress awarded and I attempted to turn the FOS decision into a Court Order/Judgement.

The Judge has requested a Direction Hearing in December for 45 minutes.

The IFA has not got PII nor has he got enough capital. He also had an upheld claim at the FOS four days before mine and under a FOI the FOS wrote that there are 15 open cases against the IFA pending with the FOS.

The FCA will not do anything.

Any advice will be greatly appreciated.

Thank you.

[atticus]

Is this IFA a limited company? If so, have you looked at its most recent filed accounts on Companies House website?

Have you referred this to the Financial Conduct Authority - the regulator for IFAs?

What you say causes me concerns about this IFA's ability to pay.

[Stevezzqq]

The IFA is a limited company. I am happy to write their name if I am allowed.

My decision is on the FOS database of decisions, so it’s publicly available.

If I am not allowed, just search the database for upheld decisions regarding Pensions and Investments.

If you check the upheld decisions on August 4th and July 29th you will see the same firm of IFA’s.

The company is still trading and has about £250k on their balance sheet as Cash in Hand.

The FCA have placed two restrictions on the firm. 1. Not to sell non-standard investments and 2. Asset restriction.

The FCA are a total waste of space. They do not give any feedback, nor do they use any of their numerous powers at their disposal.

[R0b]

Out of curiosity, did you issue a claim in the normal way or did you submit Form N322A?

[Stevezzqq]

I issued a N322A

[R0b]

Well I'm not surprised a directions hearing is being ordered because the courts and judges don't very often get these types of requests which should really be a rubber stamp exercise.

I don't know what you put on your form but normally I actually explain the reason for the court order by reference to all of the legislation and provisions of the CPR. You will need to guide the judge through the relevant legislation and explain to him that this decision, having been accepted by yourself is now legally binding (referencing FSMA and the FCA Handbook is useful) as well as the CPR and the reason for the N322A because the form is confusing when it references ACAS and COT3.

Ultimately, you are asking for is for the judge to make a court order to the same effect as the one made by the FOS so that you can use the appropriate enforcement remedies you would have under a normal judgment order. You should have also attached the original FOS order as part of your application but if you didn't you will definitely need to take that to the hearing.

Do you have all the relevant references to walk the judge through this?

[Stevezzqq]

Thanks Rob

Everything you wrote was done to enable the Judge to avoid the hearing and agree on a Court Order.

It is very likely he has never come across an attempt to enforce an upheld FOS decision before.

I included the completed N322A, together with three pages of notes highlighting the correct legislation. I included the 14-page final decision as well as the signed acceptance. I added the Benchmark calculations as the Ombudsman had decided this would be the correct way to put me back into the same or similar position as if the unsuitable advice had not been given.

The FOS will not deal with me as they state that the Courts are a higher authority than they are.

[Stevezzqq]

Dear Rob

when you have time, I would be very grateful for anything you have relating to the specific laws, etc to assist the judge.

I have previously mentioned the FCA Disp references, but anything you suggest using can only be positive.

Thank you

[Stevezzqq]

Dear Rob

I am happy to upload everything sent to the Court including a number of emails that were sent to try and change the mind of the Judge.

Or, if you prefer, I can send them to you by PM.

[R0b]

I don't think we need to see all the evidence and emails you can paraphrase that but it might be helpful to see the actual court order with the directions hearing to see what it says - make sure to redact any personal info if you are uploading the whole document.

What was the email correspondence about, you mention change their minds, for what?

[Stevezzqq]

The Court Hearing is very basic. It is not a Court Order. The Hearing states it is a Direction Hearing and mentions me and the respondent, date, time, duration and location, etc.

I found ours by telephoning the Enforcement department at the Court who informed me the Judge was not intending in making a Court Order, but wanted a Hearing instead.

My emails to the Court mentioned the FCA handbook regarding FOS decisions to be made into a Court Order with the included FSMA laws.

I also wrote mentioning that FOS decisions very rarely had a final amount for redress.

The final decisions normally mentioned things like “the investment is to be treated as illiquid” and “if the investment was made in the FTSE benchmark, it would need to be calculated as an additional amount” and “interest is to be awarded at 8% if the redress is not paid within 28 days”

All of these redress amounts were not specified as a fixed amount, so I tried to help by providing independent valuations from other investment companies.

Thank you for your help.

If you need additional information, please let me know.

[Stevezzqq]

[Stevezzqq]

Please see a photo of the Court Hearing.

[atticus]

It will be a case management hearing. The judge may be planning to set a procedural timetable for steps the paries need to take (mainly disclosure and exchange of evidence) so that the case can be ready for hearing.

[Stevezzqq]

Thanks Atticus.

May I ask your opinion of “why” this might be necessary?

From my understanding, but maybe not the judges, is that after receiving an upheld final decision from the FOS, turning it into a Court Order should only be a procedural matter and not legal?

I initially thought that the Enforcement staff at the Court would have dealt with this and then simply passed it to the judge to finalise.

I do not believe that there is any requirement for evidence to be disclosed. That has all been dealt with extremely thoroughly by the FOS over the last few years.

FOS decisions are not able to be appealed. A Judicial Review may be requested, but there is no requirement for a judge to request evidence.

Maybe others may back me up, or point out where I am mistaken.

Thank you