FOS confirms case fees and releases 2020/21 budget

FCA has confirmed FOS’ 2020/21 budget. Key elements include:

• continuing to allow 25 “fee” cases for firms outside the group account fee arrangement – so 90% of firms will pay no case fees;
• 50 free cases for each group within the group account fee arrangement;
• a £650 case fee when payable;
• all minimum levies to be frozen;
• A case fee to levy income for FOS of only 70:30, less than it consulted on, with the cost of the changes coming from a reduction in FOS’ reserves.