FOS to cut case fee costs and levy bill by £60m next year

Latest plan and budget published by financial complaints body

Jenna Brown
clock • 3 min read

The Financial Ombudsman Service (FOS) plans to reduce its case fee and levy costs to businesses by £60m next year, according to its plan and budget for the 2024/25 financial year.

It said the total £60m reduction took inflation and increases in the number of cases resolved into consideration.   For 2024/25, the FOS said it intended to reduce case fees by £100 to £650 and cut its compulsory and voluntary jurisdiction levies on firms. Alongside the planned cost reduction, the budget document set out improvements FOS had already made to consumers and businesses, including the reduction of average case length from 4.8 months in 2022/23 to 3.2 months in the first half of this year. It added it had also improved the percentage of cases that reached its quality ass...

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

Law, not likes: Cracking down on social media financial promotions

Law, not likes: Cracking down on social media financial promotions

‘Every individual social post or communication must comply with the rules’

Sarah Wylie and Owen McLennan
clock 28 October 2024 • 4 min read
How Labour can support investment management vibrancy

How Labour can support investment management vibrancy

The formation of a new government – now just over 100 days’ old – has brightened the spotlight on UK financial services regulation, writes IIMI CEO Dani Hristova

Dani Hristova
clock 28 October 2024 • 4 min read
Number of non-financial misconduct reports in the City spikes in three years

Number of non-financial misconduct reports in the City spikes in three years

FCA reveals survey results

Cristian Angeloni
clock 25 October 2024 • 4 min read