The Financial Ombudsman Service (FOS) has set its budget for 2012/3 at £191.1m, meaning both the case fee and total levy will be frozen for the third year running.
Advisers will continue to be charged at £500 for each case above the first three reported. The FOS's projected budget for 2012/13 is more than £6m short of its expected costs for the forthcoming year, but this is covered by a £6.6m budget surplus in 2011/12. The overall levy for the "compulsory jurisdiction" has been set at £17.7m, with the levies for the "consumer credit jurisdiction" and "voluntary jurisdictions" at a combined £2m. The Ombudsman also announced firms caught in the PPI mis-selling scandal would face a supplementary case fee of £350, above the first 25 cases per yea...
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