FOS confirms industry levy as complaints expected to level off

No surge in complaints from pension freedom and new FCA rules

Carmen Reichman
clock • 3 min read

The Financial Ombudsman Service (FOS) has confirmed it will collect £24.5m from the industry for the coming year, after the body predicted there would not be a meaningful rise in complaints in the period.

The FOS stuck to its previous proposals to increase its fees for 2016-17 by 5% - from £23.3m to £24.5m - effectively freezing last year's levy but taking into account £1.2m for the transition of consumer credit. The organisation will also keep the number of free cases at 25 per firm and freeze the standard case fee payable thereafter at £550, it confirmed in its business plan, published on 21 March. It expects to have a total operating income of £226.5m in 2016-17, resulting in an operating deficit of £38.5m after deducting projected costs - compared with last year's budgeted deficit ...

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

Regulators urged to hold pension transfer 'bad actors' to account

Regulators urged to hold pension transfer 'bad actors' to account

Advisers report ‘widespread and sometimes extreme delays’

Sahar Nazir
clock 24 November 2025 • 5 min read
FCA bids to save firms £100m a year with transaction reporting changes

FCA bids to save firms £100m a year with transaction reporting changes

Aiming to reduce costs and improve quality of data

Isabel Baxter
clock 21 November 2025 • 1 min read
Government to reconsider rejection of Waspi compensation

Government to reconsider rejection of Waspi compensation

Rethink does not guarantee that financial redress will be awarded

Jonathan Stapleton
clock 12 November 2025 • 3 min read