Industry response

BSA responds to Financial Ombudsman Service funding proposals

The BSA has today responded to the funding proposals from the Financial Ombudsman Service which would see the division of costs change from 85/15 charges for individual complaints/ALL firm levy to a 50/50 balance.  The impact of this would fall on firms with fewer complaints whilst those with the most complaints would see their costs as a direct result of complaints made against them fall by around £70 million per year.

A copy of the full BSA submission can be found here   

A copy of the BSA press release can be found here


Elaine Morton

Head of Legal, Conduct Risk & Compliance