NEWS...
FOS fee jumps to £500 as complaints escalate
The Financial Ombudsman Service (FOS) predicts a record 165,000 complaints will be registered between 2009 and 2010, forcing it to inflate its case fee from £450 to £500.
The prediction, which was disclosed as part of their proposed budget, also reveals that the body believes it will resolve a staggering 50,000 more cases than the 115,000 it received in the last financial year.
The increased workload, combined with other growing costs, have pushed the FOS into raising its fee for financial companies that have four or more disputes referred to the ombudsman. The first three remain free.
Leigh Berkley, CEO of Tessera Group PLC and Chair of the DBSG, gave his views on the decision: "FOS are generally doing a good job, but in these times of economic circumstances, the 10% rise is quite a burden for small companies."
Original article courtesy of Credit Today. For further information visit www.credittoday.co.uk
