Industry response

FOS consultation "Our 2021/22 plans and budget"

Response from Building Societies Association

 

The BSA remains supportive of the FCA's key strategic objectives of service enhancement, preventing complaints and unfairness arising and building an organisation with the capabilities it needs for the future.  That said, we also remain very concerned at the continued trajectory towards a 50:50 funding split between fees and levy, without that being undertaken alongside a fundamental reassessment and restructure of the FCA's compulsory jurisdiction levy for FOS.  The current industry block arrangement grouping deposit acceptors, mortgage lenders and mortgage administrators into one block is not designed to achieve any risk-based differentiation and disincentivise behaviour resulting in poor customer outcomes.

Read the full response here.

Contact

Elaine Morton

Head of Legal, Conduct Risk & Compliance

elaine.morton@bsa.org.uk