| Link(s): | Financial Ombudsman Service publishes its Plans and Budget for 2023/24 (financial-ombudsman.org.uk) |
Context
The FOS has published its final plans and budget following the consultation it published in December 2022. The plan includes a summary of the feedback it received.
Key points to note
The FOS’ strategic priorities for 2023/24 are:
- Developing digital portals for both respondent businesses and complainants
- Allowing them to ‘self‑serve’
- Accessing or sharing information on their cases
- Ensuring quality and timely outcomes, through measures including:
- Launching new service standards
- Organising its casework teams into product ‘verticals’, such as banking and insurance
- Using Intelligent Automation to enable quicker resolution
- Maximising stakeholder engagement to understand future volumes and complaint types
- Building the workforce of the future
- Ensuring it has the right skills and capabilities, and continuing a focus on diversity, equity and inclusion
- Ensuring it has the ability to meet future demand
- Developing and implementing regional hubs to maximise use of available talent
- Having a clear employee proposition to be an employer of choice
- Developing its funding model
- Designing and building an updated funding model for 2024/25
- Holding further consultation later in 2023 if required
- Developing data and insight to improve its performance
- Enhancing its forecasting and planning capability
- Developing its data sharing capability and its data‑driven prevention strategy
Next actions
None – for information and awareness.