FOS consults on plans and budget

FOS is consulting on its plan and budget for 2023/24. As part of the consultation, it asks:

  • what volumes and trends it should be expecting in the areas of banking and credit, insurance, investments and pensions and other areas (including CMCs, funeral plans and SME). FOS has prepared its own projections, and is expecting the sharpest rise to relate to DB pension transfer advice, but welcomes input;
  • what novel issues or trends might be seen in 2023/24 – in particular, what impact might the cost of living crisis have on complaints volumes?;
  • what more an FOS do to share insight to prevent complaints and unfairness from arising; and
  • are there any areas FOS should prioritise in its transformation programme.

Of course, it also seeks views on its fee proposals, which entail keeping the CJ levy at the same amount, which represents a reduction in real terms, reducing the VJ levy, based on expected number of firms in the regime, keep one flat case fee and hold the case fee at £750, reduce time limit for disputes over case fees and introduce an exemption from paying case fees for Community Finance Organisations that are subject to a minimum levy.

Consultation closes on 31 January 2023.


Emma Radmore