On 6 December 2023, the Financial Ombudsman Service (FOS) published a consultation paper on its 2024/25 Plans and Budget.
In the consultation, the FOS sets out its proposals to reduce the case fee by £100 per case to £650 and to reduce its compulsory and voluntary jurisdiction levies on businesses. It explains that this results in an effective £60 million reduction in case fee and levy costs to businesses, once inflation and increases in the number of cases resolved are taken into consideration.
The FOS plans to use the investment in transformation to reduce costs. In addition, the FOS is proposing to utilise surplus reserves to reduce costs to industry in the form of its fees and levy, delivering an improved customer experience while maintaining the quality of its work.
The deadline for feedback to this consultation is 30 January 2024.