The Financial Ombudsman Service has published its Plans and Budget for 2023/24 which sets out our ambitions for the next financial year. 

In 2023/24, the Financial Ombudsman expects to receive 184,000 complaints and resolve 204,000 complaints.

The Financial Ombudsman Service’s 2023/24 budget includes: 

  • Freezing its individual case fee of £750
  • Freezing its compulsory jurisdiction levy at £106 million
  • Reducing its voluntary jurisdiction levy from £700,000 to £500,000
  • Businesses will continue to get three free cases
  • Group-account fee arrangement businesses will not receive any free cases

Over the last year we’ve made good progress in bringing down our backlog and waiting times, but there’s more for us to provide the best service to all our customers. We’ve identified five areas of focus for 2023/24:

  • To enable customers to self-serve, where appropriate, through our digital transformation programme
  • Ensure quality and timely outcomes, underpinned by operational efficiency
  • Build a workforce for the future – making sure we have the right skills and capabilities, and the ability to meet future demand
  • Design and build an updated funding model for 2024/25
  • Develop a data-driven prevention strategy and using data and insight to improve our performance

Latest news

Redress system reforms to prevent compensation delays and provide predictability needed for innovation

15 July 2025

The Financial Conduct Authority (FCA) and Financial Ombudsman Service are seeking to modernise the financial redress system to help prevent it becoming overwhelmed, delaying consumer compensation.

Press release

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Financial Ombudsman Service announces change to compensation interest levels

15 July 2025

Today we announced plans to change the interest rate applied to the compensation awarded to consumers.

Press release

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Financial Ombudsman Service receives over 305,000 complaints in 2024/25

2 July 2025

Financial complaints are at their highest level in six years, according to new annual figures.

Annual data Complaints data Annual report Press release CMC

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