The Full Circle Asset Management Ltd v Financial Ombudsman Service Ltd and others [2017] EWHC 323 (Admin) (24 February 2017) judgment concerns an application by Full Circle Asset Management Ltd (FCAM) for judicial review of a decision of the Financial Ombudsman Service (FOS).
The FOS had upheld a complaint made by one of FCAM’s clients, Mrs King, who argued that FCAM had provided her with a portfolio of investments that were unsuitable for her.
Mrs King had agreed to take on a “medium” level of risk in her portfolio.
The court dismissed the application for judicial review.
In particular, it rejected FCAM’s argument that the FOS should have followed the approach taken by the FSA, even though the FSA had accepted a skilled person’s finding that the relevant portfolio was “medium risk”.
The FOS was correct to conclude that its role was to resolve whether the specific portfolio provided to Mrs King was suitable for her, taking into account her individual circumstances, despite her classification as a “medium risk investor”.
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