BSA warns of rising costs under “perverse” FOS funding stucture

Industry News | 12/08/19

The Building Societies Association has published a critical response to the Financial Ombudsman Service’s new funding proposals, saying that “perversely the proposed funding model would see greater cost falling on firms with fewer complaints”. The BSA says the proposals will see costs for firms with fewer complaints soar, whilst firms with substantial volumes will see what they pay drop by around £70m a year because of complaints made against them.

Source: Financial Reporter