Solicitor slams complaints charges imposed by FOS
Law firm Reynolds Porter Chamberlain has criticised the level of costs charged to brokers by the Fin...
Law firm Reynolds Porter Chamberlain has criticised the level of costs charged to brokers by the Financial Ombudsman Service for investigating consumer complaints.
RPC claims the levy of £550 per case, applicable between January and April 2005, will make it uneconomic for brokers to contest small compensation claims, no matter how unjustified the claims are. The charge will not be refundable even if a complaint against a broker is overturned.
However, the FOS has defended its fee structure. A
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