FSA sets out Ombudsman future funding options

Currently, more than 70% of the Fos’s funding comes from the fees it charges firms for considering complaints, while the remainder comes from annual fees payable by all firms calculated according to their role in their industry sectors. The case fee for IFAs is currently £360 but the first two cases for each firm per year are free. The discussion paper sets out the following options for future funding: Option A: retain the existing arrangements; Option B: a modification of the existing arrangements. Case fees would be payable for the third and subsequent cases per firm per year and...