Mis-sold Mortgage Claims > Mortgage News
FOS Proposes Freeze on Fee Levy and Penalty for Mis Selling
Fri, 13 Jan 2012
The Financial Ombudsman Service is planning a freeze on fee levy and penalties for mis-selling which would to be paid in the following financial year.

The FOS plans to introduce a supplementary case fee of £350 on financial services' companies involved in payment protection insurance mis-selling cases.

The supplementary fee would be charged to businesses that have 25 plus cases per annum.

The freeze means the case fee charged to intermediaries, upon reaching their three free cases limit, will stay at £500.

The FOS has predicted an expenditure of £197.6m and an income of £191.2m for 2012-2013.

It predicts that the number of cases associated with investments, including pensions and mortgage endowments, would drop 3 per cent to 15,100 by the end of the financial year in March 2012.
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