Upcoming Webinar: what is a green mortgage?

The Green Mortgage Advice Initiative (GMAI) brings you a new webinar: What is a green mortgage. The event takes place on Monday 29th July…

Important fee changes for mortgage intermediary firms in 2024/25

The FCA has released its policy statement on the Fees & Levies payable by regulated firms for 2024/25 – we pull out the important fee changes…

AMI secures significant win for the protection industry

We are delighted that the FCA has accepted our argument that the protection industry should be out of scope of the Advice Guidance Boundary Review…

Mortgage Vision returns for 2024 with extra locations

This year’s Mortgage Vision events take place across the country in September and October, with some new locations added for 2024…

AMI Consumer Duty Factsheets update

Regulated firms are required to bring any closed products and services they continue to offer into the scope of Consumer Duty by 31 July 2024…

Your June ’24 update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his June update in what has been a quiet month for the industry with the upcoming general election…

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Financial Ombudsman Service (FOS) – Future funding

Financial Ombudsman Service (FOS) – Future funding


FOS has released feedback to its discussion paper on future funding. In its 2023/24 Plans and Budget consultation (due in December 2022) it will consult on proposals to change the compulsory jurisdiction levy and voluntary jurisdiction levy to recover fixed costs; introduce a 12-month time limit for disputing fee cases and will trial changes to the group fee account arrangements.

Looking further forward, it plans to consult in its 2024/25 Plans and Budget consultation on proposals to differentiate case fees by case stage and/or by product type and charging and initial case fee at conversion.

It’s decided not to pursue the following proposals: making legislative changes to enable it to charge professional representatives (such as CMCs) to bring complaints to the service; charging businesses for delays due to non-compliance; discounts for bulk closures; and charging case fees based on case complexity.

AMI’s view

AMI is supportive of the FOS levy reflecting the service’s fixed costs (such as IT, property, and other support functions); this ensures greater transparency as the case fee will recover FOS’s costs more closely related to the costs to resolve cases (such as salaries of casework colleagues).

We are, however, concerned that FOS is exploring the possibility of charging different case fees dependent on the stage a complaint reaches. In AMI’s view, if a case goes all the way to an ombudsman, it isn’t necessarily a sign the case is more complex, it could just be that the consumer (or CMC, if involved) is more motivated to keep escalating (especially as there is no risk to the complainant for rejecting a decision). Whereas a firm may be less reluctant to allow the case to reach the next stage, unless it feels it has a strong case. It could also prevent valuable Consumer Duty cases from reaching ombudsman stage, which other firms could benefit and learn from.

We eagerly await the results of FOS’s data modelling (which is being carried out over the next 12 months) to help us provide feedback on this proposal as part of the FOS 2024/25 Plans and Budget consultation.

We will respond to the 2023/24 Plans and Budget consultation once issued.


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