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Firms see FOS budget nearly double from previous year

The Financial Ombudsman Service has added an additional £3m to its final annual budget for 2013/14 since it consulted in January, bringing the total to £283.6m.

The figure represents a 93 per cent increase on this year’s £147.2m budget.

The FOS published its final plan and budget for 2013/14 last week, following the consultation in January. It initially set its budget at £280.1m, but has now approved a final budget of £283.6m.

The FOS is funded by a combination of case fees, which currently firms have to pay if they have four or more complaints referred to the FOS within a year, and a compulsory levy imposed on all financial services firms.

Most of the cost burden for 2013/14 will fall on the largest firms like banks, which from April will pay a new quarterly group account fee, rather than a standard case fee.

From April, standard case fees for other firms will increase from £500 to £550, and the number of free cases from three to 25.


Secured loans increase 21% to reach £31.6m

Secured loan lending topped £31.6m in February, an increase of 21 per cent on the £26m figure recorded in February 2012. February’s lending figure is also 5 per cent up on the £30.1m recorded for January and is the largest monthly lending figure since November, when lenders advanced £34.3m to customers. The latest figures from […]

Robert Winfield

At least the first bricks are in place

As I watched England get trounced last Saturday at the Million Stadium in Cardiff, I started chatting to some chaps who were partying like it was 1999. I had already worked out they were English, so why the cheery disposition? It transpired that they were brickies and they had just been informed that they had […]

Northern Rock Queue 480

B&B and Northern Rock repay £4bn but set aside £401m for customer redress

UK Asset Resolution, which manages bailed out lenders Bradford & Bingley and Northern Rock’s “bad bank”, repaid £4bn to taxpayers in 2012 but had to set aside £401m for customer redress over missold payment protection insurance and issues with customers’ loans paperwork.

A funny old year

The past 12 months have been turbulent – just take a look at this chart of the FTSE 100 over the last year. There have been some points which I’m sure would have caused your clients some concern, and possibly even had them looking for an alternative investment with reduced volatility; perhaps without reducing their […]


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