FOS proposes £5m levy hike on firms

The overall amount of the ‘compulsory jurisdiction levy' has been set at £17.7m for the past four years. However, the FOS said to maintain the balance between the case fee - which will rise to £550 from April but only after 25 ‘free' cases - and the levy, and to take account of inflationary pressures, the levy needs to rise this year. It has also set an income budget of £280.1m, up from £147.2m forecast for 2012/13, mainly due to increased workload linked to Payment Protection Insurance (PPI) claims. In order to deal with the PPI case load, the FOS is planning to recruit 1,000 addi...