Change proposed for ombudsman fee system

Proposed changes to the way firms pay for the Financial Ombudsman Service (FOS) in the UK are likely to create both “winners and losers”, according to a new paper by the Financial Services Authority (FSA) to generate views on the future of financing the FOS. The review of current arrangements was prompted by the FOS which said various issues have been raised by companies and coupled with more comprehensive data on the spread of complaints and the number of new companies covered by the scheme a range of alternatives needed to be developed.