FOS to introduce £350 PPI surcharge
The Financial Ombudsman Service (FOS) has revealed plans to introduce a supplementary case fee of £350 from April 2012 for firms that have more than 25 payment protection insurance (PPI) complaints.
The news came as the Ombudsman revealed it intended to freeze the total levy for the financial services sector as well as the current case fee of £500. However, it warned that the freeze in 2012/13 was likely to be the last.
The FOS argued the supplementary fee for PPI cases would ensure that those firms not involved in selling the product would not have to meet the costs created by the volume of work.
It had assumed it would receive a case load of 60,000 complaints for PPI in 2011/12 financial
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