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News

ABI Questions The FOS’ Need For Levy Increase

Latest news from the world of missold payment protection insurance has revealed that the Association of British Insurers are now questioning whether it is necessary for the Financial Ombudsman Service to raise the levy in order to cover their costs for dealing with future customer complaints.

FOS’s published consultation on it’s annual corporate plan which was released last month had outlined their plans to request an additional £30m in the insurance levy should insurance and financial firms stop paying the case fees for complaints whilst the current judicial review is still in progress.

The Ombudsman had warned that if financial institutions did indeed stop their payments, then the Service’s reserves would likely be exhausted within six weeks.

Speaking on behalf of the ABI, the Consultation Director of Life and Savings Helen White noted that ‘We welcome the FOS’ commitment to improving its operational efficiency. However, we do question whether the FOS’ request to substantially increase their reserves – and thus the levy on firms – is actually required.’

White also questioned whether it was necessary to increase the whole industry’s levy when it would be possible to use an overdraft facility instead.

The current debate around missold payment protection is liable to continue until the current judicial review has concluded, which is expected to be in the upcoming weeks.

For more of the latest information regarding missold payment protection, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 22 Feb 2011

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