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Who funds the legal ombudsman
Cjsrm
Posts: 7 Forumite
Does anyone know who funds the legal ombudsman please
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Comments
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Looks pretty similar to the Financial Ombudsman - http://www.legalombudsman.org.uk/?faqs=how-are-you-funded
The firms who are regulated by them pay towards it.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If the legal ombudsman is paid by the solicitors about whom clients complain......... then why would they bother to uphold a complaint?0
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FOS upholds tonnes of complaints (see the whole PPI industry for example), suggesting they help firms out because of their funding source is tinfoil hat territory
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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If the legal ombudsman is paid by the solicitors about whom clients complain......... then why would they bother to uphold a complaint?
Well, for one, the only time the fees are waived is if the complaint is found to be without merit! So the ombudsman actually gets more funds if they uphold complaints than if they reject them.All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0 -
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The long and short of it is we do, we pay for everything in the end.
The fees we pay go on to pay for the liabilities they have. So in the end the consumer pays for everything.0
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