The Association of IFAs (AIFA) will step up its fight against the financial ombudsman (FOS) over its rule of charging advisers a fee even when they are cleared of any wrongdoing.
It comes after the FOS announced its case fee will remain at £500 until at least March 2011. The FOS also said it would not be extending the number of free cases - currently three - advisers are allowed each year. AIFA first raised its concerns in October last year, dubbing the FOS a "second tier regulator" and calling for the introduction of a "no loss, no fee" rule. "If a case is found in the adviser's favour, a case fee should not apply," AIFA policy director Andrew Strange says. "This issue will continue to be part of our work in 2010. "The FOS must focus on its role as a dispu...
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
