View more on these topics

FOS warns radical review could hit budget

The Financial Ombudsman Service has welcomed Lord Hunt’s report but warns that some of the recommendations have “significant implications” for its budget and resources.

Chairman Sir Christopher Kelly says the review contains radical recommendations which are big departures from current practice and would ask serious questions about the FOS’s budget. He welcomes Hunt’s recommendations over the FOS’s transparency and says he will consider them to ensure this issue remains at the heart of the service.

Kelly says: “Some of the recommendations for accessibility and transparency that Lord Hunt makes in his detailed and thought-provoking report endorse strands of work that we already carry out. Other recommendations involve innovative and sometimes radical departures from current practice. The implementation of the more ambitious proposals would have significant implications as far as our budget and resources are concerned.”


Life saver

Over-55-year-olds could be better off moving to a lifetime mortgage as a drying up in the number of conventional mortgages and mortgage products, and increasing lenders’ margins, threaten homeowners’ financial stability.

Looking back at 2015

By Fiona Tait, Pensions Specialist 2015 was quite a year for pensions. Change, more change, and proposed changes to the changes. The Spring Budget – pre-election plans With everything that has happened since, it is hard to remember what happened in March. Following on from the bombshell of the 2014 Budget, the Chancellor confined himself […]


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 thought leadership.

    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