The Financial Ombudsman Service (FOS) plans to freeze the levy it collects from firms and cut its budget by 20% over the coming year.
The service has proposed to stick to its current levy of £23.3m, it said in its annual plan and budget consultation out today, and plans to reduce its budget from £313.7m spent in 2013/14 down to £251.9m. It will also freeze the £550 fee for complaints cases - which is only payable after the 25th case - and scrap its supplementary £350 fee for mis-sold payment protection insurance (PPI) claims after "gearing up resources sufficiently to tackle the PPI workload". Interim chief executive and chief ombudsman Tony Boorman said: "For the last few years our focus has been on building up our...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes