FOS consultation on plans and budget for 2021/22

Regulatory Updates | 17/12/20

The Financial Ombudsman Service (FOS) has published a consultation paper on its proposed plans and budget for 2021/22. Among other things, the FOS seeks views on:
• its projections for the volumes of complaints it will receive and resolve, and its perspective on identified trends;
• its proposed budget and funding arrangements. In April 2020, the FOS adjusted its budget and funding arrangements to help mitigate the impact on the firms it covers in the light of COVID-19. The consultation sets out a proposal to both freeze the minimum FOS levy and maintain the free case allowance
• how it intends to take forward the first year of its new strategic priorities.
The consultation ends on 31 January 2021. The FOS will adopt its final budget and publish its plans for 2021/22 by 31 March 2021.