Our Chair, The Baroness Manzoor CBE, has written to the FCA in regards to the consultation on introducing a fee for Claims Management Companies (‘CMCs’) bringing cases to the Financial Ombudsman Service.
The correspondence, which is published in full below, was sent on 8 October 2024 and addressed Ashley Alder, Chair of the Financial Conduct Authority.
I am writing further to our earlier conversations about our work to consider introducing a fee for CMCs bringing complaints to the Financial Ombudsman Service (‘FOS’). As you will be aware, our consultation on this closed in July and we have now reviewed the feedback received from stakeholders. I wanted to share this with you and to update you on our proposed next steps.
The consultation responses
I enclose a full breakdown of the consultation responses. We were pleased with the level of engagement seen on this issue from CMCs (both SRA- and FCA-regulated), consumer groups, and respondent firms. We have received a good range of
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