PIMFA urges higher FOS fees for fair treatment of financial services firms

Higher fee to claims management companies

Sahar Nazir
clock • 1 min read

The Personal Investment Management and Financial Advice Association (PIMFA) has urged the Financial Ombudsman Service (FOS) to level the playing field between claims management companies (CMCs) and financial services providers.

The trade association argued that whilst the decision to levy a fee to CMCs is welcome, "it will not achieve the policy objectives set out by the government when this power was given to the FOS". This came in response to the FOS consultation ‘Charging Claims Management Companies and other Professional Representatives'. PIMFA argued that a case fee of £250 for CMCs and professional representatives "does not act as a disincentive to bring forward targeted block cases against firms that have little chance of success". In its response, PIMFA said the FOS should review its approach and ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Tax concerns hit highest levels since 2017 as UK businesses forecast Budget linked price increases

Tax concerns hit highest levels since 2017 as UK businesses forecast Budget linked price increases

Significant concern for 63% of firms

Eve Maddock-Jones
clock 06 January 2025 • 3 min read
IPT receipts hit £1.2bn in November

IPT receipts hit £1.2bn in November

£6.65bn for the year

Cameron Roberts
clock 20 December 2024 • 2 min read
Firms using GDPR as scapegoat for Consumer Duty failures: MorganAsh

Firms using GDPR as scapegoat for Consumer Duty failures: MorganAsh

Risking regulatory action

Cameron Roberts
clock 17 December 2024 • 2 min read