ADVISERS have backed proposals to increase case fees rather than raise the annual levy used to fund the Financial Ombudsman Service.
The FSA and ombudsman today published feedback from a consultation over reforming the way the arbitration service is financed. The joint statement said there was broad support for increasing the importance of case fees, not the levy. A proposal to increase the number of free cases also received widespread backing from regulated firms, all of which fund the Ombudsman service. Currently firms receive two free cases before a fee is charged. The FSA said it would assess ‘what scope exists’ for changing the funding regime to fit firms’ preferred funding method when agreeing the 2008/200...
To continue reading this article...
Join Professional Adviser for free
- 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