The Financial Services and Markets Act 2000 (Ombudsman Scheme) (Fees) Regulations 2024
Introduction
The Financial Services and Markets Act 2000 (Ombudsman Scheme) (Fees) Regulations 2024 were laid before Parliament on 2024-12-02 and will come into force on 2025-04-06. These Regulations set out the fees that the Financial Ombudsman Service (FOS) can charge for its services.
Key Changes
The main changes introduced by the Regulations are as follows:
- The FOS will be able to charge a fee for all complaints, regardless of the amount of money involved.
- The fee will be based on the complexity of the complaint and the amount of time that the FOS expects to spend on it.
- The FOS will publish a schedule of fees on its website.
- The FOS will offer a reduced fee for certain types of complaints, such as complaints about pensions or investments.
- The FOS will be able to waive the fee in cases of financial hardship.
Impact of the Changes
The changes introduced by the Regulations are likely to have a significant impact on the FOS. The FOS is currently funded by a levy on the financial services industry. However, the Regulations will allow the FOS to charge fees for its services. This is likely to lead to an increase in the FOS’s income.
The Regulations are also likely to lead to a change in the way that the FOS operates. The FOS will now be able to charge a fee for all complaints, regardless of the amount of money involved. This is likely to mean that the FOS will be more selective about the complaints that it investigates.
Conclusion
The Financial Services and Markets Act 2000 (Ombudsman Scheme) (Fees) Regulations 2024 are a significant change to the way that the FOS operates. The Regulations will allow the FOS to charge fees for its services and will give it more flexibility in the way that it operates.
The Financial Services and Markets Act 2000 (Ombudsman Scheme) (Fees) Regulations 2024
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