Ombudsman consults on 2017 levies

Monday 6 February 11:56

The Channel Islands Financial Ombudsman (CIFO) has published a consultation paper today (03 February 2017) on proposed levy schemes for 2017.

These set the levies payable by financial services providers registered or holding a licence, permit or certificate with the Financial Services Commissions in specified areas of activity (registered providers). The draft 2017 levy schemes follow the same approach as previous years.  The consultation paper can be found at https://www.ci-fo.org/resource-room/cifo-consultations/current-consultations/ .

CIFO is mitigating the impact in 2017 of increased costs on the total required in levies.  The consultation paper sets out that while CIFO’s budgeted expenditure has increased, with careful management of the reserves and the income from case fees, the increase in the total levy required from 2016 to 2017 has been kept to 5.7%. The amounts payable by individual levy-payers are also affected by changes in the number of registered providers in each sector of activity.

The consultation paper flags that a major funding review is planned subsequently, with multi-phase consultation during 2017-8 to seek stakeholders’ views on a future funding model to come into effect in 2019.

The consultation seeks views on the proposed 2017 levy schemes, as well as any feedback on the levy collection process. Interested parties are invited to send any response in writing by email to consultations@ci-fo.org or by post to Channel Islands Financial Ombudsman, P O Box 114, Jersey, JE4 4QG. The consultation closes on Monday 20 March 2017.

If you have any queries, please email consultations@ci-fo.org or phone 01534 748612 or 01481 722218.

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