The FOS’ Plan and Budget for the next year is set against the backdrop of the planned significant changes to the way in which it operates.
It will focus on providing a service that is quicker, clearer and easier to use, making use of new digital tools.
It says that case volumes are stabilising, and it expects to receive 199,000 new complaints in the coming year and resolve 266,500. The decrease in cases, which we’ve seen happen gradually, is mainly due to the decline in motor finance commission cases and a fall in the number of cases brought by professional representatives.
The FOS does need to raise its levy, to £86m, and the case fees will be £680 for each respondent firm. For professional representatives, the charge will be £80 for each case where the FOS finds in favour of the underlying consumer. For findings in favour of the firm, the firm case fee will be £500 and the professional representative’s £260.