Related provisions for DISP 3.7.8A
1 - 7 of 7 items.
Where a complaint is determined in favour of the complainant, the Ombudsman's determination may include one or more of the following:16(1) a money award against the respondent; or1616(2) an interest award against the respondent; or1616(3) a costs award against the respondent; or1616(4) a direction to the respondent.16
Except in relation to a complaint the subject matter of which falls to be dealt with (or has properly been dealt with) under a consumer redress scheme, a8 money award may be such amount as the Ombudsman considers to be fair compensation for one or more of the following:8(1) financial loss (including consequential or prospective loss); or(2) pain and suffering; or(3) damage to reputation; or(4) distress or inconvenience;whether or not a court would award compensation.16
8In relation to a complaint the subject matter of which falls to be dealt with (or has properly been dealt with) under a consumer redress scheme, a money award is a payment of such amount as the Ombudsman determines that a respondent should make (or should have made) to a complainant under the scheme.
16Where the Ombudsman is determining what amount (if any) constitutes fair compensation as a money award in relation to a relevant new complaint or a relevant transitional complaint, the Ombudsman Transitional Order and the Mortgages and General Insurance Complaints Transitional Order require him to take into account what amount (if any) might have been expected to be awarded by way of compensation in relation to an equivalent complaint dealt with under the former scheme in question
16 Except in relation to a complaint the subject matter of which falls to be dealt with (or has properly been dealt with) under a consumer redress scheme, an8 interest award may provide for the amount payable under the money award to bear interest at a rate and as from a date specified in the award.8
None of the following is to be liable in damages for anything done or omitted to be done in the discharge (or purported discharge) of any functions in connection with the Voluntary Jurisdiction:313(1) FOS Ltd;(2) any member of its governing body;(3) any member of its staff;(4) any person acting as an Ombudsman for the purposes of the Financial Ombudsman Service;except where:(5) the act or omission is shown to have been in bad faith; or(6) it would prevent an award of damages being
The contract of professional indemnity insurance must incorporate terms which make provision for:(1) cover in respect of claims for which a firm may be liable as a result of the conduct of itself, its employees and its appointed representatives (acting within the scope of their appointment);(2) the minimum limits of indemnity per year set out in this section;(3) an excess as set out in this section;(4) appropriate cover in respect of legal defence costs;(5) continuous cover in