FOS: Now not right time to change funding model

Will freeze levy for sixth year

Jenna Towler
clock • 1 min read

The Financial Ombudsman Service (FOS) will maintain its current funding model for the next financial year despite recognising it is unsustainable in its current form.

The organisation today published a consultation on its proposed plan and budget for 2018/19 which confirmed its levy and case fees will be frozen for the sixth consecutive year. The FOS charges £550 per case and 25 free cases a year. The body said it recognised this was "isn't sustainable indefinitely" but added the next financial year was not the right time to alter the funding model due to ongoing complexities such as payment protection insurance (PPI) and packaged bank accounts. The consultation also said any changes made to the funding model would need to be reviewed in the "not t...

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