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FOS consults on plans and budget

FOS has published its consultation on its strategic plans and budget for 2020/2021.

Next year, it expects to receive 245,000 complaints and resolve 290,000 (just under half in each case relating to PPI).  It expects to raise £106m through its levy which will be 40% of its income – the rest coming through case fees. It plans to give the 8 firms in its group account fee arrangement 50 free cases and all other firms 10, and to set the individual case fee (which it reckons 80% of firms won’t ever need to pay) at £650.

Key to its future strategy is that PPI complaints still remain to be solved for an unclear final stretch. But equally, it is looking at the longer term and how it can move to proactively sharing its insights to try to stop injustices that lead to complaints happening in the first place

FOS asks for comment on its projections and proposals  by 31 January 2020.

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Emma Radmore