AFM expresses concern over ombudsman levy increase

The Association of Financial Mutuals (AFM) estimates that many firms will have to pay double their existing levy to the FOS going forward to effectively subsidise the fall-off in funding from big banks as the volume of PPI complaints continues to fall away. Martin Shaw, chief executive of AFM, said: "Despite the fall off in the number of complaints, the budget reveals the intent to increase funding. But as the drop off in PPI complaints means less funding from big banks, FOS proposes to resolve this by more than doubling the income it receives from the levy, which is made on all financia...