FOS to reduce budget by 20% and freeze general levy at £23.3m
Ombudsman will also reduce PPI case fee and expects fewer cases.
The Financial Ombudsman Service (FOS) has stated that it will need to recover around 20% less from financial businesses in 2014/2015 to support its budget, compared with this year.
It added that it expected the number of payment protection insurance (PPI) cases to decline.
According to the watchdog’s plan and budget for 2014/2015, it will extend the group-account case-fee arrangement, introduced in 2013/2014, to a further four financial business groups.
The FOS also plans to freeze the amount of
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