FOS consulting on near doubling of levy

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The Financial Ombudsman Service (FOS) has opened a consultation on increasing its income for 2019/20 to £296.2m.

This represents a 27.5% rise on the £232.3m income budget for the current financial year.

The FOS noted that it was forecasting a 13% increase in new complaints next year to 460,000.

Deficit
Complaints about payment protection insurance (PPI) are predicted to leap by 25% to 250,000 with insurance excluding PPI tipped to rise by 3% to 41,000.

The Ombudsman stated that it would run

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