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06 January 2015

The Association of Professional Financial Advisers (APFA) has today commented on the Financial Ombudsman Service’s (FOS) budget consultation for 2015/16.

 

Chris Hannant, Director General at APFA, said:

“On the face of it, FOS’ compulsory levy and case fees being frozen for 2015/16 is good news. However their budgeted expenditure is £275m for next year compared to £277m for this year - only 1% lower despite a big fall in the number of cases they’re expecting - and the levy is being frozen rather than reduced. This means most advisers will see no change in their FOS bill next year.

 

“We want to make sure the cost of the Ombudsman on the advice industry is fair and proportionate, and we’ll be responding fully to this consultation in due course. We’ll also continue to work closely with FOS, as well as with other regulatory bodies as they set their budgets for the next financial year, to ensure a fair deal for our industry.”

 

ENDS