Context
FOS has published its 2023/24 Report and Accounts, its Independent Assessor’s Annual Report, and its response to the Independent Assessor’s Report.
Key points to note and next actions
- The report itself covers topics including an overview of the FOS strategic priorities for 2023/24, the demand for its service and its operational performance in 2023/24, its income and operating expenditure, commentary on internal and external audit, and its remuneration report.
- The report confirms that the details of the FOS 2024/25 budget can be found in its 2024/25 Strategic Plans and Budget publication.
- The Independent Assessor’s Final Report concentrates on the service complaints received by FOS in the 2023/24 financial year, confirming that FOS received 3,401 service complaints in the year, 522 (15%) of which were escalated to the Independent Assessor. This is against a backdrop of 192,017 complaints being resolved by FOS in the year, so the service complaints numbers represent 1.8% of those resolved complaints (and the escalated complaints represent 0.3%).
- The Assessor’s report analyses the complaints received, providing a breakdown into a number of themes.
- The FOS response to the Assessor’s report addresses the various themes, setting out how FOS will change the way it works, and making specific vulnerable customers commentary.