The Financial Ombudsman Service is set to cut its spending by 11% in the next financial year, with its budget dropping to just under £224million.
Announcing its 2015/16 plans this morning, the organisation said it would be making the reduction from £251.7m last year.
The FOS said in its report today: "This budget will be funded by a combination of levies and case fees. As we originally proposed, the overall levy for the "compulsory jurisdiction" has been frozen at £23.3 million. The levy for the "voluntary jurisdiction" will also remain at £0.6 million.
"The Financial Conduct Authority will be consulting separately on the allocation of the levy for the compulsory jurisdiction. We expect to receive around £51 million in case fees, of which around £0.7 million will come from the voluntary jurisdiction."

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During the consultation for its budget, the FOS asked stakeholders what volumes of cases and enquiries they expected it to receive – and whether assumptions for new case volumes were reasonable.
The report stated: "A number of responses highlighted pensions as an area where we may see increased complaints – in light of the government's pension reforms which come into effect in April 2015.
"For cases other than PPI and mis-sold packaged bank accounts, the majority of stakeholders who responded agreed with our views on likely new complaints in 2015/2016."