Adviser firms may no longer have to shell out case fees to the Financial Ombudsman Service (FOS) when complaints against them are unfounded after a landmark ruling.
A judge yesterday found in favour of Wiltshire-based IFA Heather Moor and Edgecomb after the firm refused to pay FOS fees on four separate occasions after complaints made against them were rejected. Under current rules, FOS demands a case fee of £400 for each case considered by an adjudicator, regardless of the outcome, but Judge Rutherford said: “No reasonable public body would maintain and enforce such a rule.” Brian Pickering, who founded Heather Moor & Edgecomb 38 years ago with his wife Dolly, said: “We just thought it very unfair that someone can make a complaint and even if it is f...
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