Financial Ombudsman Service Update – PPI fees to increase


There is good news that the proposal for business in 2013 will be to allow up to 25 free cases.

Author: Dennis Chapman
Reading time: 1 minute

This article is 10 years old.

Read our disclaimer keyboard_arrow_down

This website content is intended as a general guide to law as it applies to the motor trade. Lawgistics has taken every effort to ensure that the contents are as accurate and up to date as at the date of first publication.

The laws and opinions expressed within this website may be varied as the law develops. As such we cannot accept liability for or the consequence of, any change of law, or official guidelines since publication or any misuse of the information provided.

The opinions in this website are based upon the experience of the authors and it must be recognised that only the courts and recognised tribunals can interpret the law with authority.

Examples given within the website are based on the experience of the authors and centre upon issues that commonly give rise to disputes. Each situation in practice will be different and may comprise several points commented upon.

If you have any doubt about the correct legal position you should seek further legal advice from Lawgistics or a suitably qualified solicitor. We cannot accept liability for your failure to take professional advice where it should reasonably be sought by a prudent person.

All characters are fictitious and should not be taken as referring to any person living or dead.

Use of this website shall be considered acceptance of the terms of the disclaimer presented above.

Increasingly the Financial Ombudsman Service, (FOS) are getting involved in more complaints concerning financial products. 

A new report from FOS indicates that:

– the estimated first line consumer enquiries will increase in the next financial year to 1.4 million compared with 1.2 million this year
– the number of new actual cases will rise to 285,000 compared with 259,000 this year

Changes to the FOS charging structure are as follows:

– £500 case fee maintained for the fourth and subsequent complaint per year
– add a £350 surcharge for each PPI mis-selling case but chargeable only for more than 25 cases per year.

There is good news that the proposal for business in 2013 will be to allow up to 25 free cases.  It will be the larger ten financial service businesses who will be charged more.

Dennis Chapman

In remembrance of Dennis Chapman 1951 -2015

Read more by this author

Getting in touch

You can contact us via the form or you can call us on 01480 455500.