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FOS publishes Plan and Budget for 2024/25

Link(s):Our performance improvements and consultation on plans to reduce costs to businesses (financial-ombudsman.org.uk)
Strategic plans and budget (financial-ombudsman.org.uk)
Financial Ombudsman Service – Plans and Budget Consultation 2024-25 (financial-ombudsman.org.uk)

Context

FOS has published its Annual Plans and Budget consultation on the next phase of the FOS transformation, for the 2024/25 financial year.  Its strategic plans include complaint trends, what it expects to see in the year ahead, and its aims for developing and resourcing its service.

Key points to note and next actions

  • FOS has reduced the average time to resolve a case from 4.8 months in 2022/23 to 3.2 months in the first half of this year.
  • FOS proposes to reduce the case fee by £100 per case to £650 and reduce the compulsory and voluntary jurisdiction levies on businesses.
  • In the next financial year FOS is expecting to receive 181,300 new complaints about financial providers. It has set a new target of resolving 90% of cases within five months, to build on the progress which has been made to get consumers and businesses answers to disputes as quickly as possible while maintaining the quality of judgements.
  • The consultation is open until 30th January 2024.