Financial Ombudsman Service  

Networks face flood of claims after landmark ruling

She said: "Tenet constantly reviews policy and procedures in line with best practice and the evolving market place, which includes our training and competence scheme."

A spokesman for the Financial Ombudsman Service said "a number" of cases involving appointed representatives had been on hold while this court case was completed but he said it was too early to say what its impact on these would be.

He said: "We are still considering the impact of the judgment.

"We will consider any request we receive to look at a complaint again which has not had a final decision. However, if a final decision has been issued, our involvement in a case is at an end and we are not able to look at it again.

"In any event, each complaint is decided on its own individual circumstances."

A spokesman for the Financial Conduct Authority said: "The requirements for principals and appointed representatives is laid out in Section 39(4) of the Financial Services and Markets Act and there is Handbook Guidance in SUP 12.3"

Network Openwork declined to comment on what the ruling could mean for them while Intrinsic said it would be unable to remark on the High Court judgement and Sesame Bankhall Group did not respond to our requests for their thoughts.

damian.fantato@ft.com