FOS consults on plans and budget 2024/25

FOS is consulting on its proposed plans and budget for 2024/25. Questions include:

  • what volume and trends should FOS be expecting in banking and consumer credit, insurance, investments and pensions, SME volumes, CMC volumes and funeral plans;
  • which novel issues or trends might be seen in 2024/25; and
  • should BNPL regulation come into force, what types of complaints might FOS receive about these products.

Following the publication of Treasury’s draft legislation, FOS is also seeking views on charging case fees to CMCs and other relevant professional representatives.

The consultation also sets out fee proposals including:

  • reducing case fees from £750 to £650 per case; and
  • reducing the compulsory jurisdiction levy from £106m to £70m.

This represents a £60m cost reduction in real terms and a 25% reduction compared to the previous year.

Consultation closes on 30 January 2024.

Lucy Hadrill