Handling enquiries about compensation for financial mis-selling

A bank, building society, insurance company or other financial institution paying compensation for financial mis-selling will normally use a formula laid down by the Financial Services Ombudsman (FOS), appropriate to the facts of the case, in order to compute the amount of compensation. If the award contains an element of interest, and the payment is made by a company to an individual, tax must be deducted from the interest element under Part 15 of ITA 07 – see SAIM9000. See SAIM9020 for more on the requirement to deduct tax.

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