FOS confirms levy cut but forecasts more insurance complaints
The Financial Ombudsman Service has set its levy for 2024/25 at £70m despite anticipating an increase in operating expenditure and caseload.
When the FOS consulted on its budget in December the organisation anticipated £218m of operating expenditure in line with the £228.2m for this financial year.
While the figure has now risen to £251.9m it has decided to maintain the planned cut in the levy which is dropping year-on-year from £109.8m to £70m.
The FOS is also pushing ahead with a reduction in case fees, from £750 to £650.
The expected expenditure rise has been driven by a hike in the caseload. Originally it was forecast to fall from
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