Displaying items by tag: FOS
Pension and decumulation complaints up at FOS
The Financial Ombudsman Service received a total of 95,349 complaints between 1 July and 31 December 2023 compared to 79,921 complaints in the same period in 2022.
FOS expects 30,000 more complaints in 2024/25
The Financial Ombudsman Service is forecasting that the number of complaints it is set to receive this year will hit 210,000 - nearly 30,000 higher than it predicted in December.
FOS plans to charge CMCs for bringing cases
The Financial Ombudsman Service is considering charging Claims Management Companies fees of up to £650 per case to help cut down on the tide of speculative claims that can clog up the service.
FOS to freeze case fee at £750
The Financial Ombudsman Service is to freeze its individual case fee at £750 for a third year as its strives to reduce the financial strain of its services on regulated firms.
FOS to raise compensation limit to £415,000
The consumer complaints body the Financial Ombudsman Service is to increase its maximum compensation award from £375,000 to £415,00 from 1 April.
Pension and investment complaints fall 8%
The number of complaints about life and pension and investment companies fell by 8% during 2022, according to the latest data from the Financial Ombudsman Service.
FOS upholding 35% of complaints
The Financial Ombudsman Service’s uphold rate has remained steady at 35% despite a rise in complaints about financial products.
FOS plans fee freeze despite expected rise in pension cases
The Financial Ombudsman Service plans to freeze its fees for 2023/24 at this year’s level due to the economic pressures facing firms.
FOS says half of UCIS complaints relate to SIPPs
In its latest complaints data the Financial Ombudsman Service says that nearly half of the complaints it received about unregulated collective investment schemes (UCIS) were related to SIPPs.