Enforcing the Financial Obudsman Decision

[Briar]

Hi

I have a ruling in my favour from the Obudsman however the company no longer exists, the man in charge was struck off from the FCA and is refusing to acknowledge any communication. It is unlikely the FSCS will be able to help as through a private tracing agency I know he owns two properties so is not bankrupt.

It appears my only address is through the courts but if he still refuses to acknowledge the ruling, what are the chances of him paying me? Does any one have any experience of this kind of situation?

thanks

[Amethyst]

Re: Enforcing the Financial Obudsman Decision

If the ruling is against the company that no longer exists then there isn't very much you can do. You could enforce through the courts (ie send bailiffs) but if the company has legitimately gone there's no where to send the bailiffs to.

Do you want to tell us a bit more about the company and the FOS ruling ( ie what did you pay the company for and why have they upheld your complaint?) and we can see if we can dig about a bit see what the situation is?

[Amethyst]

Re: Enforcing the Financial Obudsman Decision

http://www.legalbeagles.info/forums/...udsman+warrant is another thread someone was trying to enforce a FOS ruling.

[Briar]

Re: Enforcing the Financial Obudsman Decision

Hi

Thanks for the quick response!

I am not sure if I should mention the names of people involved? Is it ok to do so?


thanks

[EXC]

Re: Enforcing the Financial Obudsman Decision

Was the FOS ruling against a company? If so it's fine to mention them.

[Briar]

Re: Enforcing the Financial Obudsman Decision

Well, the decision has been confirmed with an adjudicator and we are awaiting the final decision but have been advised this is a formality so with this in mind perhaps best not to mention names at the stage.



Basically it involves the investment of personal pension funds and Isas not in keeping with our attitude to risk. Our risk was low to medium and we had all our investments pit in to one bizarre mining share called Xcite.
FOS have calculated our losses to be in the region of £300k.

I understand that if the company does not exist then clearly there is no re dress in that direction, but is the director personally liable?

Yes- then I guess we go to court against someone who is not communicating?

no - then can the compensation scheme kick in?

thanks again

[EXC]

Re: Enforcing the Financial Obudsman Decision

Have you checked with FSCS that they're unable to help?

[Briar]

Re: Enforcing the Financial Obudsman Decision

Hi thanks for replying.

oh yes this has been on going for 3 years, initially we were told by all parties that we had no claim, it is only thanks to our new IFA who has worked tirelessly on our behalf ( for free) that we were where we are now. It has been backwards and forwards between the two, I think when they realised we weren't going away FOS took it on board.

as we know he owns two properties and is not bankrupt we have been advised that there is no way forward with FSCS.

thanks