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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.”

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