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Escrow call for FOS case charges

The IFA Defence Union is calling on the FOS to allow advisers to set up escrow accounts so case fees are returned if the FOS loses its appeal in the Pickering case.

An escrow account, which costs around £50 to set up, would ensure the FOS receives the fee if its appeal is successful but not if it fails.

IFADU chairman Evan Owen says: “There is no point in advisers saying we are not going to pay and there is no point in them paying the money because if the FOS loses they will not get it back.”

FOS spokesman Martyn James says: “The legal position in relation to case fees remains unchanged. It is not expected that the court decision would be retrospective in terms of case fees already charged.”

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