FOS to cut case fee costs and levy bill by £60m next year

Latest plan and budget published by financial complaints body

Jenna Brown
clock • 3 min read

The Financial Ombudsman Service (FOS) plans to reduce its case fee and levy costs to businesses by £60m next year, according to its plan and budget for the 2024/25 financial year.

It said the total £60m reduction took inflation and increases in the number of cases resolved into consideration.   For 2024/25, the FOS said it intended to reduce case fees by £100 to £650 and cut its compulsory and voluntary jurisdiction levies on firms. Alongside the planned cost reduction, the budget document set out improvements FOS had already made to consumers and businesses, including the reduction of average case length from 4.8 months in 2022/23 to 3.2 months in the first half of this year. It added it had also improved the percentage of cases that reached its quality ass...

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