The Financial Ombudsman Service (FOS) has unveiled changes to its funding model for the next financial year, saying its levy and case fees would remain frozen at current levels as firms face continued cost pressures.
Its 2023/24 plan and budget consultation, released today (16 December), said while the body needed to overhaul its funding model to eliminate its ongoing deficit it also recognised the pressures faced by business owners and would freeze both its levy and case fees (£750) at current levels. Its compulsory jurisdiction (CJ) bill is set to remain at £106m, the consultation said. Chief executive and chief ombudsman Abby Thomas (pictured) said: "This will be achieved through offsetting inflationary pressures with cost and efficiency savings." She explained the body's total income was pr...
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