The Financial Ombudsman Service (FOS) says it will cut its case fees for financial advisers by 12.5% to reflect the low number of complaints made against them.
However, for other firms fees will rise from £450 to £500 and will be paid by those that have four or more disputes referred during the year. The first three cases will continue to be free. AIFA has welcomed the reduced levy for IFAs. "This is a positive step from the Ombudsman," director general Chris Cummings says. "It is recognition that IFAs have got a very good track record in terms of the low number of complaints generated by our profession and the even lower percentage of complaints that are upheld." The FOS says the general fee increase reflects an anticipated 44% increase in ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes