On 30 March 2022, the Financial Ombudsman Service (FOS) published their 2022/2021 Plans and Budget, setting out their plans to invest in change, reduce the time it takes to resolve cases, to become financially sustainable and to enable them to deliver a better service for customers.
The document includes the volumes of complaints the FOS expects to receive and resolve and the money it plans to raise through the levy and case fees.
The 2022/23 budget includes:
- A cost base of £291.7 million.
- An individual case fee of £750.
- A compulsory jurisdiction levy expected to raise to £106 million.
- A voluntary jurisdiction levy of £700,000.
- Businesses outside the group-account fee arrangement will get 3 free cases (reduced from 25).
- Businesses in the group-account fee arrangement will get 15 free cases (reduced from 50).