FOS confirms 11% reduction in budget and freezing of fees
Consultation leads to total budget of £223.9m.
The Financial Ombudsman Service (FOS) has confirmed a total budget of £223.9m for 2015/16 - an 11% decrease on last year's figure.
The FOS' budget is made up of levies and case fees. Total income which includes releases is set to be £244.4m
The final figure came following a consultation launched in January.
At that time the FOS stated that it intended to freeze the compulsory jurisdiction levy at £23.3m which is imposed on FCA-regulated firms.
This has now also been confirmed.
In a statement the
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