AIFA says new FOS funding model a 'better deal' for advisers

In a consultation paper published today, the Financial Ombudsman Service (FOS) proposed a modernisation of its funding model which could increase the number of free cases for small businesses from three annually to as many as 25. "We have persistently pressed for a better deal for advisers, who represent a very small percentage of the FOS caseload," said AIFA director general Stephen Gay (pictured). "We are therefore pleased the Ombudsman has recognised this and delivered a material benefit for IFA firms." He added the industry body has held discussions with the FOS about increasing t...