| Link(s): https://www.financial-ombudsman.org.uk/news-events/consultation-opens-strategic-plans-budget-2021-22 |
Context
The Financial Ombudsman Service (FOS) is consulting on its plan and budget for 2021/22.
The consultation which can be accessed here https://www.financial-ombudsman.org.uk/files/290682/plans-and-budget-consultation-2021-22.pdf, sets out plans for the coming financial year, including the volumes of complaints expected and the proposed budget and funding arrangements. It also gives an update on the current financial year.
Key points to note
- FOS expects to receive 160,000 complaints and resolve 210,000 complaints in 2021
- FOS is proposing a range of funding scenarios including:
- Individual case fee to be between £650 – £750 (subject to feedback)
- Compulsory jurisdiction levy to be between £84m and £106m (subject to feedback)
- The voluntary jurisdiction levy will raise £1.1m
- Group-account fee arrangement holders will get 50 free cases and other firms 25
- The consultation opened on the 16 December 2020 and the deadline for response is 31 January 2021 with the final plans and budget to be published by 31 March 2021
Next actions
Firms wishing to respond must do so by 31 January 2021 and can do so either online https://ombudsman2021-22.questionpro.eu/ or by email to consultations@financialombudsman.org.uk