Ombudsman Levy A 'Moral Hazard' to Cos. With Few Claims
Law360, London (August 13, 2019, 2:28 PM BST) -- The Financial Ombudsman Service’s proposed changes to its levy on banks and insurers would force firms with few or no complaints to subsidize those whose customers frequently use the dispute resolution service, a trade body has said.
The Building Societies Association said on Monday that the ombudsman’s new funding structure, which would rely less on the number of complaints that customers make to a company, means financial institutions with low numbers of complaints will have to foot the bill for those that account for most of the service’s work.
Currently, 85% of the service is funded through fees paid by companies...
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