The Financial Ombudsman Service (FOS) expects to receive 16,000 new pension and investment related cases in 2017/18 - a 22% increase on its December forecast of 13,100.
Despite this FOS said it had budgeted for total operating costs to go down by £30m on its original forecast for the coming year, at £263.5m versus £295.2m. This still represents a £14.8m increase on last year's operating costs, however. The Ombudsman's total operating income is also expected to fall to £241.9m compared to the £276.6m it forecasted back in December. This represents a £13.8m increase on the total operating income of 2016/17. Levies will still account for £27m of its budget - the same as originally forecasted last December. Individual case fees will remain at £550 for th...
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