The Ombudsman’s budget will increase from £223.2m to £226.5m.
The Financial Ombudsman Service has raised its industry wide levy by 5% to £24.5m for the coming year.
An increased number of firms will therefore pay the levy, although the amount charged to individual firms will stay the same and the standard case fee will be frozen at £550.
The Ombudsman’s budget will increase from £223.2m to £226.5m.
FOS increased the levy to account for the Financial Conduct Authority taking responsibility for consumer credit from the Office of Fair Trading.
In the next 12 months the body will consult on a deadline for complaints about missold payment protection insurance.
FOS said firms expected to see more PPI complaints around the consultation period.
