The Business Law Reports
[2024] Bus LR 1307
Court of Appeal
Rex (Options UK Personal Pensions LLP)
v
Financial Ombudsman Service Ltd
[2024] EWCA Civ 541
2024 April 16, 17;
May 20
May 20
Underhill, Asplin, Popplewell LJJ
Financial services— Investigation— Ombudsman scheme— Ombudsman upholding complaint that pension provider failed to carry out due diligence on unregulated introducer and investment— Ombudsman basing decision on general obligations contained in non-actionable principles— Whether reasons for decision adequate given absence of breach of actionable duty— Whether due diligence duty precluded by execution only basis of transaction between pension provider and complainant— Whether ombudsman’s decision irrational—
Financial Services and Markets Act 2000 (c 8), ss 228(2), 229(2)
—
FCA Handbook, DISP 3.6.4R