Policy paper

The Financial Services and Markets Act 2000 (The Ombudsman Scheme) Regulations 2024 – Draft SI and Policy Note

The government is publishing an illustrative draft of a proposed statutory instrument to enable the Financial Ombudsman Service to charge case fees to claims management companies and other relevant professional representatives.

From:
HM Treasury
Published
5 December 2023
Last updated
5 December 2023 — See all updates
This was published under the 2022 to 2024 Sunak Conservative government

Documents

Draft of The Financial Services and Markets Act 2000 (The Ombudsman Scheme) Regulations 2024: Policy Note

PDF, 108 KB, 12 pages

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The Financial Services and Markets Act 2000 (Ombudsman Scheme) (Fees) Regulations 2024: Draft Statutory Instrument

PDF, 193 KB, 3 pages

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Details

This is an illustrative draft of a proposed statutory instrument (SI) that upon laying and subject to being approved by Parliament would allow the Financial Ombudsman Service (FOS) to charge case fees to claims management companies (CMCs) and other relevant professional representatives bringing cases to the FOS on behalf of complainants.

The FOS is responsible for deciding its approach to charging fees within the scope set by government. The FOS is consulting on its approach to fee charging in its Plans and Budget 2024-25 and this illustrative SI is being published to support that consultation. The government intends to finalise draft regulations ahead of introducing them in Parliament following the FOS Plans and Budget 2024-2025 consultation closing.

Further information about both the illustrative SI and how to respond to the FOS Plans and Budget 2024-25 consultation can be found in the policy note.

Updates to this page

Published 5 December 2023
Last updated 5 December 2023 + show all updates

  1. Policy note edited to reflect the publication date of the Financial Ombudsman Service consultation

  2. Policy note edited to reflect the closing date of the Financial Ombudsman Service consultation

  3. First published.

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