IFAs do not see the cost of the Financial Ombudsman Service's £360 case fee as a significant problem for their businesses, according to the Fair Deal for IFAs survey.
The positive reaction may stem from recent indications that the FOS plans to scrap the fee for the first two complaints against an IFA in a year. Only 23.3 per cent of IFAs said the case fee is a big problem while 48.2 per cent said it is not a problem.
The FOS's move follows research confirming that most complaints received last year concerned big firms, with only 124 IFAs appearing before it more than once.
Whitehall Financial Independent joint managing director Mark Rendall says: “The move to alter the FOS per-case fee cost is certainly common sense, given the number of cases that are actually upheld against advisers.”