The FCA will determine, following consultation, the amount to be raised from each industry block. This will be based on the budgeted costs and numbers of Financial Ombudsman Service staff required to deal with the volume of complaints which the Financial Ombudsman Service expects to receive about the firms in each industry block. Modified arrangements have been made for certain types of small firms (see FEES 5.5.3 R to FEES 5.5.5 G).
Under the standard terms, VJ participants will be required to pay to FOS Ltd an amount calculated on a similar basis towards the costs of operating the Voluntary Jurisdiction of the Financial Ombudsman Service, see FEES 5 Annex 2R26. FOS Ltd will be responsible for invoicing and collecting this amount.
- (1) 15
for each of those tariff bases, calculate the sum payable in relation to the relevant business of the firm for that year (except industry blocks 2 and 4, in which case calculate the sum payable for that year)4;
add together the amounts calculated under (2).3
7A VJ participant which becomes subject to the Financial Ombudsman Service part way through a financial year must pay a proportion of the annual levy required by FEES 5.3 and FEES 5 Annex 2R, to be calculated as follows: