Ombudsman Says It May Need Higher Levy As Caseload Rises

Law360, London (November 9, 2020, 6:10 PM GMT) -- A rise in disputes could mean that Britain's financial disputes body will need to hike fees on banks and finance firms to cover its caseload, even as it works to keep operations as efficient as possible.

Caroline Wayman, chief ombudsman and chief executive of the Financial Ombudsman Service, gave evidence to the Treasury Committee that the body may need to continue raising levies across financial companies to deal with an increase in disputes. 

Wayman said the ombudsman takes very seriously the impact of this cost on finance companies but emphasized that the body must be able to recover some of its...

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