This option is more expensive than using the Financial Ombudsman Service and often takes a lot longer. The Financial Ombudsman Service also has the advantage that it can make decisions and awards on the basis of what is fair and reasonable, rather than just the legal position.
If the complaints scheme has already decided against you, then a judge may too. If you use an arbitration scheme or the Pensions Ombudsman, then you give up your right to go to court.
If you do go to court, the case is likely to be dealt with more quickly and cheaply if you are able to use the small claims court. You will usually still need to pay a court fee and generally legal costs are not recoverable. This course of action covers claims of up to £10,000. Sometimes the court will decide to use the small claims route for larger sums, but then the losing party does have pay the legal costs of the winning party.
Before starting any legal process it is best to seek professional legal advice.
The PAM Directory is a comprehensive guide on comparative data focusing on asset managers, investment managers, private banks, stockbrokers, wealth managers and multi-family offices, who provide discretionary and/or advisory portfolio management services for private clients.
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