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The Financial Ombudsman Service has frozen individual case fees at £750 and fees at £106m for 2023/24.
These are contained in its budget for the coming year, which identifies five key areas for change.
He wants to build on his progress in reducing wait times and focus on his digital transformation program.
Other areas include building the workforce for the future, creating an updated funding model for 2024-2025, and developing a data-driven prevention strategy.
This followed FOS Chair Zahida Manzour on 14 March 2023 reporting to the Treasury Select Committee that FOS backlogs are declining and the situation “seems to be improving”.
The number of pending cases has dropped from 90,000 as of May 2021 to about 37,000 as of March 2022, according to the FOS.
In 2023/24, FOS expects to receive 184,000 complaints and resolve 204,000 complaints.
In addition to the £750 individual case fee freeze and the £106 million fee announced in the budget, FOS also said that:
- Reduce the voluntary jurisdiction fee from £700,000 to £500,000.
- Businesses will continue to receive three free cases
- Companies organizing a group account commission will not receive free cases
On March 20, the WCF announced an increase in the remuneration limit, which is the maximum amount a financial institution can claim if a complaint is upheld.
The limit is adjusted every year in line with inflation.
The Financial Conduct Authority has confirmed that the FOS remuneration limit will be increased from April 1, 2023.
Complaints filed with the FOS on or after 1 April 2019 will now cost £415,000.
And it will be £190,000 for complaints filed with the FOS before 1 April 2019.
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