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FOS confirms £226.5m budget for 2016/17

By 3rd October 2017No Comments
FCA to consult on allocation of compulsory jurisdiction levy.
The Financial Ombudsman Service (FOS) has confirmed an operational income budget for 2016/17 of £226.5m, which it said was a small reduction from its latest forecast for 2015/16.
Its budget is funded by a combination of levies and case fees.
According to the FOS total income is set to be £239.5m.

It also stated that it had asked the Financial Conduct Authority (FCA) to increase the overall levy for compulsory jurisdiction from £23.3m in the preceding year to £24.5m in 2016/17.
According to the FOS, its total operating costs are set to be £265.0m and its total operating deficit £38.5m.
The final figures were published following a consultation which was launched in December last year.
The FOS said in a statement: “The FCA will be consulting separately on the allocation of the compulsory jurisdiction levy. We expect to receive around £55.9m in case fees, of which around £0.5m will come from the voluntary jurisdiction levy.”

Tim Kelly

Tim is a highly qualified Independent Engineer with over 20 years experience as an Engineering Assessor of damaged vehicles.

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