Independent financial advisers (IFAs) have called for a wide-ranging review of the role that the Financial Ombudsman Service plays in dispute resolution.
This follows the start of a consultation over the Ombudsman’s budget.
has today responded to the budget consultation from the Financial Ombudsman Service.
Chris Cummings , director general of the Association of Independent Financial Advisers (AIFA), said: “We need a fair and balanced dispute resolution service that works for both consumers and the financial services industry. At present the costs are not distributed proportionately across the industry. The fall in the levy on intermediaries is a step in the right direction. But the profession still bears a disproportionate level of the overall Ombudsman service budget. The intermediary profession is responsible for just 3% of all complaints while funding over 10% of the Ombudsman’s budget.
