Context
The FOS has published its plans and budget for 2022/23.
Key points to note
In 2022/23, the Financial Ombudsman:
- Expects to receive 177,000 complaints and resolve 220,500 complaints.
- Continue to ensure it is equipped to respond to complexity and vulnerability in complaints.
- Invest in a change programme, which includes working with regulatory stakeholders to deliver the Action Plan.
The Financial Ombudsman Service’s 2022/23 budget includes:
- A cost base of £291.7 million.
- An individual case fee of £750.
- A compulsory jurisdiction levy expected to raise to £106 million.
- A voluntary jurisdiction levy of £700,000.
- Businesses outside the group-account fee arrangement will get 3 free cases (reduced from 25)
- Businesses in the group-account fee arrangement will get 15 free cases (reduced from 50)
Next actions
None – for information and awareness