The Financial Ombudsman Service (FOS) has issued a consultation regarding its plans and budget for the financial year 2021/22. This is in advance of its final plans and budget which will be issued by 31 March 2021. The FOS is funded by a combination of levy income and case fees.
The key issue for regulated firms relates to proposed changes in the application of FOS case fees. The individual case fee is proposed to increase from £650 to £750 for all cases closed after 1 April 2021.
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