FOS levy up 5%; case fees frozen

In its budget consultation out today the organisation said it plans to collect a total levy from the industry - including advisers - of £24.5m, up from £23.3m last year towards a total forecasted running budget of £223.2m for 2016-17. It had bowed to industry pressure last year when it cut its compulsory levy by 11%. The overall budget is in line with its current running cost of £223.9m, which is down slightly on the £227.2m initially forecasted for 2015-16. The FOS said it plans to freeze the standard case fee at £550, to maintain the current group-account fee arrangements, and to...