AIFA demands FOS restructure

In its response to the Hunt Review of the FOS, AIFA says a restructure is necessary to make it “more transparent, accountable and easier to do business with”. It says there must be a clear separation between the way complaints are handled between large and small firms, pointing out smaller firms rarely receive complaints and are therefore “at risk” of getting lost in its bureaucracy as consumers. A small firms division, such as that at the FSA, would be the best way to combat this, it says. It says firms within the new division should have access to an oral hearing, arguing the “lack of...