FOS might drop case fees

The Financial Ombudsman Service is looking to increase the general levy - at present only 25 per approved person - and do away with the 360 case fee altogether.

At a dinner for the Association of Independent Financial Advisers last week Sir Christopher Kelly, chairman of FOS, told attendees: “Some 14% of complaints we receive are about IFAs. Of these only 20% are upheld by FOS. In four out of five cases we sided with firms.

“Out of 100 cases, only 30 went in favour of the complainant and only three were to do with IFAs.”