FOS plans to increase levy by £10m
The regulatory body will ask firms for £106m as it flags increase in motor and pet insurance complaints but PPI comes to a close.
The Financial Ombudman Service (FOS) has proposed to increase its compulsory jurisdiction levy to £106m for 2022/23, a £10m increase on the previous year.
In total it has called for a budget of £293.8m which is up from £250m in 2021/22.
A consultation document revealed that the plans were being put in place after the service received 90,000 more than expected complaints in 2021/22 and experienced delays in resolving these due to the volume.
The Ombudsman said its case fee would remain £750
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