Financial Ombudsman Service Case Reviews
The Financial Ombudsman Service (FOS) plays a significant role in the UK’s financial system; since it was established in 2001, it has helped individual consumers and smaller businesses to resolve over four million complaints.
A recent review by management consultants Oaklin Consulting identified problems with the FOS’ structure and technology and its communication with the public, other regulators, and industry bodies.
In December 2021, the FOS published an action plan approved by the Board to change and improve the organisation to provide the best service for its customers. The plan will see the FOS move to a simpler, more accountable casework operating model intended to improve its consumer complaint handling from entry point to resolution.
Although the FOS is listening to and acting on the criticisms made by Oaklin, firms’ interactions with the FOS are likely to remain challenging for the foreseeable future.
How can we help you?
We can advise firms on their consumer complaint handling and FOS case arrangements. We will in future be reviewing and reporting on any information made available on FOS case processing methods and developments in case backlog numbers.
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