FOS freezes levy and cuts budget by 20%

Carmen Reichman
clock

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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Chancellor to target FOS modernisation and unveil FCA consultation

Chancellor to target FOS modernisation and unveil FCA consultation

Consultation part of the advice guidance boundary review

Isabel Baxter
clock 14 November 2024 • 3 min read
FCA issues warning notice against Crispin Odey over 'lack of integrity'

FCA issues warning notice against Crispin Odey over 'lack of integrity'

Regulator alleges 'reckless disregard' on governance

Cristian Angeloni
clock 04 November 2024 • 2 min read
FCA bans and fines two over pensions transfer advice

FCA bans and fines two over pensions transfer advice

'Poor advice' related to BSPS transfers and other schemes

Jen Frost
clock 31 October 2024 • 2 min read