FOS publishes plans and budget for next phase

The FOS has published its finalised Plans and Budget for the next phase of its transformation.  It expects to receive a greater number of complaints in the coming year, and anticipates 210,000 complaints in its caseload. This will be a result of quicker resolution by the FOS teams. The anticipated complaint number is higher than that included in the consultation on the budget, not least because of motor finance commission complaints which will be outside the FCA’s current review,  but also because of everyday financial concerns.

The budget also reflects an overall reduction in cost to industry of over £60m in real terms because of the lower case fee and levy charges. The FOS has confirmed that the case fee will be £650 (down from £750).