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News

ABI Hits Out At the FOS £25 Million Levy

With many people still awaiting the results of the high court judicial review regarding missold payment protection, it isn’t a huge surprise to see that the Association of British Insurers have laid a criticism at the Financial Ombudsman Service regarding the controversial £25 million levy in order to boost their own reserves.

Following the FOS’s request for an additional £30 million in funds in order to continually process the requests for missold payment protection, the Financial Services Authority granted the request for a £25 million levy.

The request was additionally made due to the fact that Ombudsman had lost enough income from case fees in six weeks to exhaust it’s reserves, although the FSA have announced that they have not yet decided how the additional levy will be allocated out, with the final announcement due to be made in May.

Speaking on the incident, the FOS stated that ‘We believe that increasing our reserves is prudent and necessary in order to manage our financial risks in 2011/12.’ The ABI Assistant Director James King contrasted that they were ‘disappointed that the FOS has decided to increase the levy on firms rather than use its overdraft to cover any additional costs arising from the PPI judicial review’ and that ‘The FSA has already said the majority of PPI complaints should be dealt with by firms, meaning the FOS is unlikely to see a significant reduction in case income.’

For more of the latest news from the world of missold payment protection, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 08 Apr 2011

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