The Financial Ombudsman Service (FOS) has published a Consultation Paper on its plans and budget for 2014-15, along with an accompanying press release. The Consultation Paper outlines that the FOS intends to:
- respond to 1.8 million consumer enquiries;
- resolve a greater number of disputes involving mis-sold payment protection insurance (PPI) than ever before without having to charge firms a £350 supplementary case fee for PPI complaints;
- maintain the levy imposed on financial services firms at its current level of £23.3 million; and
- reduce its budget by 20 per cent.
The deadline for responding to the Consultation Paper is 17 February 2014.
View Our plans and budget for 2014/15 – consultation paper, 9 January 2014