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...
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