Linear Investments Limited, R (on the application of) v Financial Ombudsman Service Limited

Linear Investments Limited, R (on the application of) v Financial Ombudsman Service Limited

The Ombudsman did not err in law or act irrationally in finding that Professor Willcocks was a consumer and eligible complainant, that Linear failed to conduct an adequate assessment under COBS 3.5.3R, and that the measure of redress and rejection of contributory fault were rational and within the Ombudsman’s statutory powers. All grounds of the claim for judicial review are dismissed.

Parties
Claimant: Linear Investments Limited; Defendant: Financial Ombudsman Service Limited; Interested Party: Professor Leslie Willcocks
Jurisdiction
England and Wales
Judgment Date
21 June 2024
Procedural Posture
Judicial Review / Final Judgment
Outcome
Claim dismissed
Legal Topics
Client Classification, Ombudsman Jurisdiction, Consumer Protection, Judicial Review, Investment Services Regulation, Contributory Negligence
Financial Services Law Administrative Law Client Classification Ombudsman Jurisdiction Consumer Protection Judicial Review Investment Services Regulation Contributory Negligence

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Parties

Linear Investments Limited

Claimant

Financial Ombudsman Service Limited

Defendant

Professor Leslie Willcocks

Interested Party

Procedural Posture

Judicial Review / Final Judgment

Legal Issues

  1. 1 Whether the Ombudsman erred in finding Professor Willcocks was an eligible complainant as a consumer under DISP 2.7.9AR
  2. 2 Whether the Ombudsman wrongfully interfered with Linear’s client classification assessment
  3. 3 Whether the measure of redress ordered was irrational

Ratio Decidendi

The Ombudsman did not err in law or act irrationally in finding that Professor Willcocks was a consumer and eligible complainant, that Linear failed to conduct an adequate assessment under COBS 3.5.3R, and that the measure of redress and rejection of contributory fault were rational and within the Ombudsman’s statutory powers. All grounds of the claim for judicial review are dismissed.

Court Disposition

Claim dismissed

Orders

  • All grounds of the claim for judicial review are dismissed.