HC Deb 25 October 2001 vol 373 cc374-5W
Mr. Flight

To ask the Chancellor of the Exchequer what plans he has to reduce the administrative fee levied on financial services firms by the Financial Services Authority for Personal Investment Authority Ombudsman investigations into advice given by such firms. [9253]

Ruth Kelly

The Financial Ombudsman Service (FOS) will replace the Personal Investment Authority Ombudsman Bureau and seven other complaints schemes on 1 December 2001.

The FOS will be funded by a combination of a general levy (which all authorised firms will pay) and case fees. The FOS will consult on its 2002–03 budget in January 2002.