AIFA calls on FOS to extend case fee waiver for IFAs

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The Financial Ombudsman Service (FOS) should allow financial advisers at least 10 free cases a year to reflect the low number of upheld complaints made against them, the Association of IFAs (AIFA) says.

Currently the FOS allows for three free cases and yesterday announced it would not be extending this for 2009/10. However, AIFA praised the FOS's decision to cut fees for IFAs by 12.5% as a result of their good record. "We are disappointed the Ombudsman has chosen not to increase the number of free cases from the current level," AIFA director general Chris Cumming says. "We will continue to lobby for a fairer system for advisers across the board. This should include an increase in the number of free cases to ten. "The case fee can be a significant burden for small firms despite only...

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