Financial Ombudsman changes industry levy plans due to coronavirus pressure

Last year the FOS began consulting on changes to its levy funding structure. In the most recent financial year 85% of FOS costs were paid by firms for each complaint taken to the ombudsman, while 15% of funding comes from an industry-wide levy. However, in 2019 the FOS began consulting on changes that would see the industry as a whole pay more towards the levy, while those with complaints against them would pay proportionately less.  At the time, the FOS proposed a 50:50 split between the industry and those with complaints against them. The move was met with criticism from the likes o...