A consultation looking at major changes to the way the Financial Ombudsman Service (FOS) is funded is closing for responses from the industry today (13 August).
The FOS proposals include rebalancing the proportion of the income it gets from levies compared with case fees, changing the number of free cases per firm and maintaining reserves of a minimum of six months’ operating income.
Currently, 85% of FOS funding comes from case fees and 15% from the levy. The organisation is proposing to
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