The Association of Mortgage Intermediaries has called on the Financial Ombudsman Service to go further in its move to increase the number of free complaints cases from three to 25 a year in 2013.
The changes come into place next year in a bid to tackle a flood of payment protection insurance cases but AMI believes the number is too low and FOS should allow 30 free cases before firms incur the £500 fee for case handling.
Robert Sinclair, director of AMI, says the move is positive and will benefit the industry but that 30 free cases would be more logical.
He says: “Given how few cases undertaken by the Ombudsman are related to intermediaries, it is absolutely right FOS recognises this by increasing the number of free cases for these firms.
“However, it is puzzling that the Ombudsman has not chosen to increase the number of free cases to 30. This is the half-yearly threshold for the number of cases a firm must receive and resolve before information is disclosed by FOS. This would have provided a more logical figure to base the number of free cases on.”
Sinclair adds that it is important FOS works for both consumers and the financial services industry.
Mortgage Strategy has campaigned to Make Claims Firms Pay for any complaints they make that cost brokers the £500 levy. You can sign the e-petition here.