FOS publishes budget responses: FOS has published its approved budget for 2015/16 taking into account the responses to its consultation on the topic. It has set a reduced operational income budget for 2015/2016 of £223.9 million which is an 11% decrease from its 2014/2015 budget. As originally proposed, the overall levy for the compulsory jurisdiction remains £23.3 million and the voluntary jurisdiction levy is also unchanged. FCA will consult separately on the allocation of the levy for the compulsory jurisdiction. FOS expect to receive around £51 million in case fees, of which around £0.7 million will come from the voluntary jurisdiction. From the consultation responses FOS learned that:
- although there remains a great deal of uncertainty about future payment protection insurance (PPI) complaint volumes, respondents largely agreed with FOS' expectation of receiving around 150,000 PPI complaints;
- it now expects to receive around 30,000 cases about packaged bank accounts – rather than the 18,000 originally assumed before consulting; and
- it has also increased its estimated total number of resolved cases from 388,000 to 398,000 (250,000 PPI cases and 148,000 other cases).
FOS has published a list of respondents and a summary of their responses alongside the approved budget. (Source: Our Plans and Budget for 2015/2016 – Responses to Our Consultation)