The Association of Private Client Investment Managers has suggested that the general public should be asked to pay a refundanble fee to the Financial Ombudsman when making a complaint about a financial services company.
Our view
We have to say we agree. We have have made similar calls such as this in the past. There are many consumers who have genuine complaints but there are also those who make false complaints or are just trying to cause trouble or are just trying "to jump on a bandwagon."
The introduction of a fee or indeed the requirement to pay the financial services companies fee should a compliant be ruled to be "frivolous" or "vexatious" (i.e. spiteful) is a real need at present.