FOS sets £291m budget for 2022/23 for transformation

Improving productivity and customer satisfaction

Ayesha Venkataraman
clock • 4 min read

The Financial Ombudsman Service (FOS) has set a £291.7m budget for 2022/23 with a compulsory jurisdiction levy increased by £10m to £106m as it works towards overhauling its operating model.

The organisation's plan and budget, published on Wednesday (30 March), also set a voluntary jurisdiction levy of £700,000 - down from £760,000 in 2021/22 - while its individual case fee for the year will remain at £750. It also planned to reduce the number of free cases to businesses that are part of the FOS's group from 50 to 15, and those not part of the group will get three - down from 25 - at no charge. This reduction is estimated to raise £11m. In March last year, it set a £260m budget for 2021/22 with a compulsory jurisdiction levy of £96m as it predicted a large increase in pos...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Treasury Committee chair Harriett Baldwin has tabled an amendment to the Financial Services and Markets Bill that could see the creation of a personalised financial guidance regime in the UK.

Harriett Baldwin tables 'personalised guidance' amendment

Firms could give guidance without straying into regulated advice

Jenna Brown
clock 25 November 2022 • 2 min read
What the regulator's ESG 'label regime' means for advisers

What the regulator's ESG 'label regime' means for advisers

Aims to improve trust in sustainable investment products

Alexander McGregor
clock 25 November 2022 • 3 min read
FSCS predicts drop in overall levy to £478m for 2023/24

FSCS predicts drop in overall levy to £478m for 2023/24

Levy for 2022/23 to remain at forecast £625m

Jenna Brown
clock 24 November 2022 • 2 min read