04 January 2024
Financial Ombudsman Service – Plans and Budget consultation for 2024
The Financial Ombudsman Service has launched a consultation on their proposed plans and budget for 2024/25, which can be accessed on the following link – https://www.financial-ombudsman.org.uk/files/324385/Financial-Ombudsman-Service-Plans-and-Budget-Consultation-2024-25.pdf
The survey seeks views on four main drivers including demand, service standards, cost, and funding. In addition, the Financial Ombudsman Service anticipate being given new powers under the Financial Services and Markets Act 2023, to charge a fee to Claims Management Companies and relevant legal professionals who represent complainants about financial business under their compulsory jurisdiction. This is in addition to the case fee that is charged to respondent firms. Further details on these proposals can be obtained on page 24 onwards of the consultation document.
Members are encouraged to consider and respond to the consultation, by contacting firstname.lastname@example.org
The closing date for submissions is 30 January 2024.