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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.

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.


The consumer complaints body the Financial Ombudsman Service is to increase its maximum compensation award from £375,000 to £415,00 from 1 April.

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.

The Financial Ombudsman Service’s uphold rate has remained steady at 35% despite a rise in complaints about financial products.

The Financial Ombudsman Service plans to freeze its fees for 2023/24 at this year’s level due to the economic pressures facing firms.

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.

The demise of Rowanmoor Personal Pensions this week comes as no surprise.

The news of Hartley Pensions appointment of administrators may not have come as a huge surprise given the recent restrictions imposed on them by the FCA but I believe it is of great significance for the world of SIPPs.

The FSCS has joined forces with the FCA and Financial Ombudsman Service to investigate a Telford-based pension transfer adviser with links to a Portuguese expat specialist company.

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