Financial Ombudsman Service


Financial Ombudsman Service expects rising complaints

The Financial Ombudsman Service (FOS) has published its plans and budget for 2021/22. The plan sets out how the FOS intends to deal with the increased number of complaints expected due to the coronavirus pandemic, with complaint numbers forecast to be at least 45% higher than expected at the beginning of the 2020/21 financial year. The plan also incorporates feedback from stakeholders following consultation in December 2020 and January 2021. The plan details that the FOS aims to resolve more complaints than they receive, with expectations being that the authority will resolve 220,000 complaints and receive 170,000 complaints. The FOS will also aim to reduce costs and increase efficiency, working from a cost base of £260m for the coming year, but there will be a slight increase in levy with an individual case fee increasing to £750.