Fos funding option H reduces risk of case fees - Aifa

Although the Aifa still needs to examine the details of the Financial Services Authority (FSA) and Fos’s joint discussion paper on the future funding of the Ombudsman, it believes option H reduces the risk of small firms having to pay case fees. Under option H, case fees would only become payable from the 11th and subsequent cases and there would be an annual fee per firm of around £230. Chris Cummings, director general of Aifa, states: “Bearing in mind that around four out of five IFA cases are not upheld, this option significantly reduces the risk of small firms having to pay case f...