The Financial Ombudsman Service (FOS) has listened to industry complaints about the burden of regulatory cost and cut its budget by 11% for the coming year.
The service said taking into account the feedback it received on its consultation on the issue, it has set a reduced operational income budget for 2015/2016 of £223.9m. This budget will be funded by a combination of levies and case fees. The overall levy for the 'compulsory jurisdiction' - which includes advisers - has been frozen at £23.3m. Also frozen is the levy for the 'voluntary jurisdiction' - which includes general insurance firms and money lending - which will remain at £0.6m. The Financial Conduct Authority (FCA) will be consulting separately on the allocation of the le...
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