View more on these topics

AMI proposes FOS funding changes

The Association of Mortgage Intermediaries has confirmed it is against the current funding model for the Financial Ombudsman Service.

AMI has now published its response to the Financial Services Authoritys and the FOS discussion paper on the funding review.

AMI director general Chris Cummings says: We firmly support the move away from the current method of funding FOS to one which charges a flat rate fee per firm plus more free cases.

Of the options set out in the paper which propose new funding models, we favour Option F.”

That proposes that a case fee would only become payable from the sixth and subsequent cases. There would also be an annual fee per firm which would be around 175. This option would also simplify the scheme, AMI says, by removing the need for fee blocks and tariff tables.

Cummings adds: We believe that Option F best addresses the concerns of both small and large mortgage intermediary firms. At present, mortgage intermediaries receive a relatively low level of complaints but there is concern that this could rise in the future.”


Tech takes a turn

Technology funds have been something of a backwater for retail investors since the TMT crash that lost investors so much money.

OFT upholds Aifa’s Menu complaint

The Office of Fair Trading has upheld Aifa’s complaint that market average commission rates included in the menu are wrong but says it will not be taking action against the FSA.Aifa complained to the OFT in April 2005, arguing market average commission rates included in the menu were having an anti-competitive effect on the market […]

IFS gets a rebrand

The Institute of Financial Services has been rebranded as the ifs School of Finance.The institute says it has chosen the new name as it is more representative of its work developing financial education provision for both the industry and consumers.It says the rebrand is part of its ambition to gain degree-awarding powers in the future.Chief […]

Making plans for Nigel

Nigel Thomas, who has been managing the Axa Framlington UK select opportunities fund since it was set up over three years ago, has one of the best long-term records of any UK fund manager, first at Carrington Pembroke, which was taken over by ABN Amro, and now with Axa Framlington.

The return of emerging markets

Ewan Thompson, Head of Emerging Market Equities, Neptune Although in political terms 2016 will be remembered for the seismic shocks of the Brexit vote and Trump’s presidential victory, the year was also a watershed for the global economy and emerging markets in particular. Following five years in the wilderness, the conditions are now in place […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm