Service charge

The financial mediation service proposes changes to the use of direct debits

By Irene Madongo (June 15, 2022, 2:36 p.m. BST) – Britain’s financial disputes body has proposed using the fees companies pay for its funding to cover its rent bills as it plans to overhaul its funding model.

The Financial Ombudsman Service released a discussion paper on Tuesday on possible changes to its funding model, which includes a levy that companies in the financial services sector pay, as well as an application fee that companies pay a once a case between them has been closed.

The levy includes payments received from a group of companies that must pay the levy, known as “compulsory jurisdiction”, and payments from these companies outside this…

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