FOS levy is set to rise by 170% in 2011/12
The FSA’s annual budget has topped half a billion pounds for the first time.
The FSA announced on Tuesday that its proposed Annual Funding Requirement (AFR) for 2011/12 will be £500.5m, a 10.1% increase on this year’s figure of £454.7m.
The FSA consultation paper, outlining the regulatory fees financial service companies’ fees, also shows that the Financial Ombudsman’s Service levy is due to rise 169.5% from £17.7m in 2010/11 to £47.7m in 2011/12. This is partly due to the spiralling volume of payment protection insurance-related queries in the last two years.
The document shows that the proportion of the FOS’s resources devoted to general insurance-linked complaints is predicted to rise from 21% to 36.8% next year. The paper says: “This [increase] reflects a continuing increase in the number of PPI cases.”
The FSA paper says that expenditure on the implementation of Solvency II, which is collected via a special project fee applied to insurance firms, is due to increase from £29m to £46.4m over the next year.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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