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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
