The regulator is considering whether to increase the number of free cases firms are entitled to at the Ombudsman and increase the importance of the case fee, rather than the levy, in its funding.
The Financial Services Authority (FSA) has published a feedback statement describing responses to its discussion paper last year on how the costs of funding the Financial Ombudsman Service (FOS) could be shared among firms in future. It received 80 responses to the paper, the majority of which favoured options E to H of the discussion paper, whereby the case fee would be set each year at a rate broadly equivalent to the cost-per-case and the annual levy would be a flat-rate per permission or per firm. Many respondents also supported the proposal to increase the number of free cases and ...
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