FINANCIAL OMBUDSMAN SERVICES
CLIENT BRIEF The Financial Ombudsman Service was set up by law as an independent public body. Their job is to help settle individual disputes between consum-ers and businesses providing financial…
CLIENT BRIEF
The Financial Ombudsman Service was set up by law as an independent public body. Their job is to help settle individual disputes between consum-ers and businesses providing financial services - fairly, reasonably, quickly and informally.
They engaged the services of ask-re to advise on the best way to mitigate their business rates liability for their principal Marsh Wall offices in the Docklands. The property compromised approximately 97,500sqft of office accommodation arranged over 9 floors but has since expanded.
OUR PROFESSIONAL APPROACH
ask-re's service started with auditing and examining of the Rates Bills over a number of years. We identified technical aspects ensuring The Financial Ombudsman paid the minimum amount of business rates. We also examined of a number of leases as each floor had been acquired on separate terms as well as checking the factual evidence adopt-ed by the Valuation Office.
THE SUCCESS STORY
Taking into consideration how long negotiations can sometimes take with the Valuation Office, up to 5 years in some instances, ask-re had success-fully challenged all of the assessments and agreed to substantial reductions in the rate liability within 18 months of being instructed.
We were also able to agree to revised assessments in respect of the historic 2000 Rating List, although, this could only be made effective from 31st March 2005; however, this created further savings which otherwise would not have been secured for Financial Ombudsman
Our next stage is to look at the new business rates liabilities after 1 April 2010 following the general Revaluation and perhaps widen the brief to consider lease rents and service charge costs as the FoS operational property space needs changed.
THE VERDICT
“It had been a smooth and efficient first stage and very helpful to reducing property cost overheads for the organisation.”Barbara Cheney, FD and Company Secretary kindly adding that she really appreciated the results achieved by Ask-re and the work we had done in order to make savings of over £1m on her organisation's business rates