FOS issues policy statement on charging CMCs and other professional representatives
The Financial Ombudsman Service (FOS) has issued a policy statement confirming it will start charging professional representatives, including claims management companies (CMCs), to refer cases to it.
The policy includes a maximum case fee of £250, a minimum case fee of £75 for all cases, and a differential case fee charging mechanism.
The new rules are designed to ensure that only genuine, fully documented complaints are submitted, thereby improving efficiency and reducing speculative claims.
We welcomed the concept of fee charging to improve the complaint resolution ecosystem in our consultation response.
Next steps
The rules will come into force on 1 April 2025 and will apply in relation to complaints referred to the FOS on behalf of complainants on or after this date.
