The Financial Ombudsman Service (FOS) has issued a press release stating that its plans and budget for 2014/15 have been approved by the FCA.

The FOS operational income budget for 2014/15 has been set at £251.7m. This budget will be funded by a combination of levies and case fees. As originally proposed, the overall levy for the “compulsory jurisdiction” has been frozen at £23.3m.

The levy for the “voluntary jurisdiction” has been set at £0.4 million. The FOS also expects around £0.7m in case fees in relation to the voluntary jurisdiction. The FCA will be consulting separately on the allocation of the levy for the “compulsory jurisdiction”.

As proposed the standard case fee remains at £550, and the PPI supplementary case fee will no longer be charged. The number of “free” cases, where no case fee is payable, remains at 25.

View Our plans and budget for 2014/15 – responses to our consultation, 27 March 2014