The 2010/2011 budget for the Financial Ombudsman Service (FOS) has been approved by the boards of the FOS and the FSA, in line with statutory requirements.
The FOS is gearing up to receive 190,000 new cases in 2010/2011 and to resolve a record 210,000 cases (a 27% increase on the forecast for 2009/2010).
Both the amount of the case fee and the total levy payable by financial businesses has been frozen at 2009/2010 levels. The total budget of £115,675,000 (up 25% from 2009/2010) reflects an increase in cases resolved, and case fees collected, as well as an adjustment in reserves. The average cost of handling a case will fall to £551.
View Ombudsman Service’s budget for 2010/11 finalised and approved, 26 March 2010