FOS to drop levy to £70m from £106m

Money

The Financial Ombudsman Service is consulting on lowering its levy by £36m for the 2024/25 financial year to £70m, as it projected reducing income by £51m.

The Ombudsman anticipates its projected income will be £191m, falling from the year before. 

Last year the FOS froze the levy at £106m.

The FOS is expecting complaints for insurance to reach 44,300 in 2024/25. The latest forecast for 2023/24 is 43,200, almost a 14% increase from the budget.

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

In September the FOS slammed insurer pay-out delays as motor and building complaints hit a five-year high. 

Between April and June, it

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