PPI complaints level estimate remains unchanged
The Financial Ombudsman Service (FOS) has pressed ahead with plans to freeze its levy on the industry for the second year running.
The FOS confirmed this morning that it will be holding its financial services industry levy at £23.3m.
The ombudsman’s total operational income budget for 2015/2016, which covers all sums received in fees and levies, has fallen 11% to £223.9m, compared to its 2014/2015 budget.
The FOS plans to spend £270m next year.
After a consultation with the industry, the FOS said it expects to receive around 150,000 payment protection insurance (PPI) complaints in 2015/16.
However, feedback revealed uncertainty over this figure, largely stemming from the activity of the claims management companies.