The Financial Ombudsman Service (FOS) has published a consultation on its proposed plans and budget for the next financial year (2017/18). The proposals include:
- freezing the case fee paid by business at £550 for the fifth year running – businesses pay a case fee only after their 25th case, which means 99% of businesses will continue to pay no case fee at all;
- freezing the compulsory jurisdiction levy at £24.5m and funding three-quarters of the FOS’ workload through the group-account charging arrangement that covers the eight largest businesses responsible for the most complaints; and
- a proposed total operating income of £276.6m.
View Financial Ombudsman Service consults on plans and budget for the year ahead, 14 December 2016