Alison Foster QC and Saima Hanif have been successful in obtaining permission from the Court of Appeal, to appeal the High Court decision in Chancery (UK) LLP v Financial Ombudsman Service  EWHC 407 (Admin). James Strachan QC and Stephen Kosmin are instructed on behalf of the Financial Ombudsman Service, and were successful at first instance.
This will be first time that an appellate court will consider the meaning of ‘investment advice’ and in particular, whether tax mitigation advice falls within that definition so as to trigger the jurisdiction of the FOS.
The appeal will also examine the important issues of the definition of a collective investment scheme pursuant to s235 FSMA and the circumstances in which the FOS should exercise its discretion to decline jurisdiction, on the basis that the matter is more suitable to be heard in court. It is therefore an appeal that will be of enormous interest to both public lawyers and financial services practitioners alike.