FOS to cut case fee costs and levy bill by £60m next year

Latest plan and budget published by financial complaints body

Jenna Brown
clock • 3 min read

The Financial Ombudsman Service (FOS) plans to reduce its case fee and levy costs to businesses by £60m next year, according to its plan and budget for the 2024/25 financial year.

It said the total £60m reduction took inflation and increases in the number of cases resolved into consideration.   For 2024/25, the FOS said it intended to reduce case fees by £100 to £650 and cut its compulsory and voluntary jurisdiction levies on firms. Alongside the planned cost reduction, the budget document set out improvements FOS had already made to consumers and businesses, including the reduction of average case length from 4.8 months in 2022/23 to 3.2 months in the first half of this year. It added it had also improved the percentage of cases that reached its quality ass...

To continue reading this article...

Join Professional Adviser for free

  • 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 and FCA must be 'brave and bold' on advice/guidance review

Treasury and FCA must be 'brave and bold' on advice/guidance review

Targeted support proposal could be ‘game changing’ for consumers

Jenna Brown
clock 28 February 2024 • 5 min read
Still fit for purpose? Why the FSCS needs to think radically

Still fit for purpose? Why the FSCS needs to think radically

How many FSCS staff does it take to change a light bulb?

Justin Cash
clock 27 February 2024 • 4 min read
Why wealth is not an insulator against vulnerability

Why wealth is not an insulator against vulnerability

'Time and again, we have seen that self-identification simply doesn't work'

Jonathan Barrett
clock 21 February 2024 • 4 min read