FOS sets £260m budget for 2021/22 as caseload rockets

Predicts 45% increase in cases

Jenna Brown
clock • 2 min read

The Financial Ombudsman Service (FOS) has set a £260m budget for 2021/22 with a compulsory jurisdiction levy of £96m as it predicts a large increase in post-pandemic cases.

The organisation's plan and budget also set a voluntary jurisdiction levy at £1m and a £750 individual case fee for the year - an increase of £100. It said its year‑on‑year "business as usual" costs would stay flat - with a cost base of £246m, excluding one‑off restructuring costs associated with the conclusion of its mass PPI casework, which have shifted from 2020/21 into 2021/22. Including these costs, the FOS's cost base was set at £260m.  It comes on the same day that the Institute for Economic Affairs (IEA) branded the FOS "unfit for purpose" and in need of "major reform" in a da...

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