Context
Sarah Marin, Chief Customer Officer at FSCS, has provided an update on how FSCS is changing the way it handles claims to boost efficiency and enhance customer outcomes. FSCS has been on a journey to transform the way it operates, shifting towards a hybrid operating model that will allow the scheme to continue to deliver a compensation service that is fit for the needs of customers today and into the future.
Key points to note and next actions
- The update comments on the changing and evolving nature of claims that come to the FSCS, looks at why FSCS Is changing the way it handles compensation claims, and explains what FSCS means by ‘hybrid operating model’.
- FSCS believes that increasing its in-house expertise and customer service support is the best way to manage the sophisticated claims and enquiries that increasingly make up a majority of its work. It will, though, continue to outsource claims, but the new model will give the flexibility to allocate the FSCS in-house resources more efficiently towards complex claims, for example those involving defined benefit pension transfers.
The update considers the key questions of:
- why FSCS is not bringing all of the claims handling service in-house;
- will current claims be affected as FSCS transitions to the new model; and
- will the new model mean customers get claims decisions faster?