The Financial Ombudsman Service (FOS) has confirmed that case fees will be reduced from £750 to £650, following a recent consultation. The BVRLA was one of the organisations to respond to the consultation, which ran through December and January.
The full FOS budget for 2024/25 has now been published. The case fee reduction is one of two key areas that have been agreed to and align with the BVRLA’s comments. In the unfortunate event that members have complaints filed against them, this fee reduction brings positive news.
Secondly, FOS has agreed to consult further with the view to charging personal representatives (and introducing fees for Claims Management Companies). This is something that the BVRLA strongly supported. Such a change would reduce the number of ‘ambulance-chaser’ like claims brought to members. The consultation will take place from April to June 2024 and the association will be reaching out for members to feed into the response once details are available.
Any questions, email [email protected].
