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Financial Service Provider takes FOS to Court

Wednesday, September 19, 2012 - Posted by Philip Harvey

In the Western Australia Supreme Court, a Financial Services Provider took FOS to court. The case was Utopia Financial Services Pty Ltd v Financial Ombudsman Service Ltd (2012) WASC 279.

The FSP challenged a determination made by FOS that ordered the FSP pay $142k to a client. The FSP presented an argument to the court that FOS was not abiding by its contract with them (ie the terms of reference).

Reviewing the case, the FSP gave bad advice to a client that resulted in a loss.

The Judge ruled in FOS favour that is was within its terms of reference;

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