The Financial Ombudsman Service is considering charging Claims Management Companies fees of up to £650 per case to help cut down on the tide of speculative claims that can clog up the service.

The Financial Conduct Authority has ruled out allowing bigger SMEs to make complaints to the Financial Ombudsman Service.

Four Financial Planning and wealth management firms are included in the table of most complained-against financial services firms published by the Financial Ombudsman Service for the first half of 2023.

In 2022/23 the Financial Ombudsman Service received 21,918 fraud and scam complaints, a rise of almost a fifth compared to the 18,450 reported in 2021/22.