| Link(s): | Charges for professional representatives to refer cases to the Financial Ombudsman Service come into force today – Financial Ombudsman service |
Context
Effective from 1 April 2025, professional representatives will be charged £250 to refer a case to the FOS due to its new charging regime.
Key points to note and next actions
Professional representatives will now only be able to refer ten cases (per financial year) to the FOS for free. After that, each subsequent case will be charged £250. However, they will receive £175 back in credit if the complaint is found in favour of the consumer they represent, reducing the charge they pay to £75.
If a complaint referred by a professional representative is not upheld or is withdrawn, the financial business against whom the complaint was made will pay a reduced case fee of £475, instead of £650.
The FOS is and will remain free to all those who bring their cases directly, as well as to families and friends, charities, and voluntary organisations who may be helping them