FOS proposes to freeze adviser levy at £24.5m

In its budget for the coming year, out on 14 December, the ombudsman said it was looking to collect £24.5m from the industry in the next year towards a total forecasted running budget of £276.6m. It would also freeze the number of free cases and the £550 case fee paid by businesses after they have received 25 cases against them. FOS already collected £24.5m from financial services firms this year, of which advisers contributed 2% - about £500,000. The levy had gone up £1.2m from the year before after consumer credit firms became regulated by the Financial Conduct Authority (FCA). ...