FINANCIAL SERVICES Ombudsman Joe Meade has initiated an appeal in the Supreme Court against a High Court judgment that quashed his ruling in a complaint by Enfield Credit Union against Davy stockbrokers.

There was no comment on the development last night from Davy, which referred to a previous statement from the company in which it said it was clear from the High Court judgment that the stockbroker was not afforded "fair procedures" in the case.

Mr Meade's office is understood to have lodged papers in the Supreme Court yesterday in which he appeals the ruling last month of Mr Justice Peter Charleton. The grounds for his appeal are not yet known. Neither is the likely timing of any hearing of the case. In the meantime, it is understood that Mr Meade's office will shortly introduce revised procedures in light of the Charleton judgment.

These are likely to delay the processing of cases, it is understood. Citing the sub judice rule, Mr Meade would not discuss the terms of his appeal. He said he wished to reassure consumers and financial institutions that the "fair and impartial manner in which I deal with complaints" will continue to be the case when the new procedures are introduced.

The High Court ruled Mr Meade failed to follow fair procedures in upholding a complaint from Enfield Credit Union that Davy failed to properly advise it of the risks of investing in perpetual bank bonds, which later fell in value.

However, a scheme in which the broker will spend €35 million on a new investment product aimed at covering losses incurred by Enfield and more than 140 other credit unions on their investments in perpetual bonds is going ahead.

An overwhelming majority of the credit unions that took out the bonds accepted the proposal.

The High Court directed Mr Meade to conduct a fresh investigation into the complaint against Davy by Enfield Credit Union in line with procedures outlined by the judge.