FOS Proposes Case Fee Increase
FOS Proposes Case Fee Increase
The Financial Ombudsman Service has proposed to increase its case fee from £400 to £450 but is looking to increase the number of non-chargeable cases from three to four for the financial year 2008/09. The plans appear in the consultation for its budget for the next financial year and its three-year corporate plan.
The budget forecasts a huge 25 per cent increase in the number of complaints for the year ending March 2008, compared to its original predictions. The FOS says it will receive 103,300 cases by the end of the current financial year, up from its previous prediction of 80,000 cases.
The increase has been driven by a jump in the number of complaints about unauthorised overdraft charges.
An FOS spokeswoman said that case numbers are expected to drop in the next financial year, in part due to the continued drop in endowment mortgage cases.
She said: “The number of new mortgage endowment cases are falling so we expect that next financial year we’ll see a drop in case numbers to 72,000”.
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