By Robert Stock Aifa has given a cautious blessing to the Financial Ombudsman Service's (FOS) fun...
By Robert Stock Aifa has given a cautious blessing to the Financial Ombudsman Service's (FOS) funding mechanism, under which IFAs will pay an annual fee from April 2002. In addition to the fee, intermediaries will have to pay a handling charge if complaints are bought against them. Currently, many IFAs do not have to pay any fees directly to the ombudsman, except when a complaint is brought against the firm. The future case fee will be less than the £500 currently charged and the levy will be dependent on the size of the company's turnover. The exact mechanism for calcula...
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