FOS confirms levy cut but forecasts more insurance complaints
The Financial Ombudsman Service has set its levy for 2024/25 at £70m despite anticipating an increase in operating expenditure and caseload.
When the FOS consulted on its budget in December the organisation anticipated £218m of operating expenditure in line with the £228.2m for this financial year.
While the figure has now risen to £251.9m it has decided to maintain the planned cut in the levy which is dropping year-on-year from £109.8m to £70m.
The FOS is also pushing ahead with a reduction in case fees, from £750 to £650.
The expected expenditure rise has been driven by a hike in the caseload. Originally it was forecast to fall from
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Tokio Marine HCC buys fleet specialist MGA Direct Commercial
Tokio Marine HCC International has struck a deal to buy Chelmsford-based motor managing general agent Direct Commercial Limited, entering a new sector.
Momentum AR outlines challenges of launching his first business
A new Momentum Broker Solutions’ appointed representative has outlined the challenges he has faced setting up his own business for the first time and why he made the leap.
People Moves: 24 – 28 August 2026
Follow the latest personnel moves in insurance.
Peach and owner grow in 2025
Peach, which offers underwriting capacity to brokers, schemes and managing general agents for business insurance cover, grew in 2025 as profits at parent NPA Insurance also rose, maintaining the trends of the year before.
Ageas UK GWP jumps as Esure deal flows in
Ageas has posted a 72% hike in gross written premiums in the UK to €1.42bn (£1.21bn) for the first half of the year as the takeovers of Esure and Saga’s underwriter Acromas Insurance Company continued to kick in.
Biba and Markel AI Academy opens for applications
Members of the British Insurance Brokers’ Association can now apply to join the founding cohort of the AI Academy being offered in partnership with Markel.
Broking Success: Vista Insurance Brokers’ CEO Gavin Ruben – leader of PE niches
Gavin Ruben, CEO of Vista Insurance Brokers, has set out the goal of becoming the leader of its specialist mergers and acquisitions insurance niche, along with the other parts of the firm’s 2035 ambitions.
Blog: AI fraud is becoming a broker problem, not just an insurer problem
AI-generated documents extend the risk of fraud beyond claims settlement to the application and quote stages. Oleh Petrivskyy, founder and CEO of Binariks, explains why insurance distribution needs its own authentication mechanisms and offers four low-cost steps brokers can start with now.