FOS to maintain levy at £106m despite forecast increase in cases

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The Financial Ombudsman Service has frozen its levy for the 2023/24 financial year at £106m stating that due to the current economic climate and the pressures that businesses are under there will be no increase for inflation.

Last year the FOS raised the levy by £10m.

The ombudsman’s projected income for 2023/24 is expected to fall from £252m to £240m.

Case fees are being held at £750 and the voluntary jurisdiction levy cut from £700,000 to £600,000.

The reduction in income will come despite the FOS predicting that its caseload, currently on track to be 155,000 this year, could rise to a likely 183,000 in 2023/24. It set out that the forecast for next year actually ranged from 157,000 cases to 220,000.

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