The Financial Ombudsman Service (FOS) is targeting a 7% year-over-year improvement in underlying productivity.
This targeted increase was announced in its plan and budget for 2022/23 published on March 30.
The FOS is going through a process of restructuring through an action plan and hopes that the changes will further improve productivity.
FOS has set a goal to increase its productivity by 25% by April 1, 2024 to remain sustainable.
In a statement, he said: “Overall, our transformation will be considered successful if we have improved our productivity and customer satisfaction, reduced customer wait times and created a financially sustainable organization capable of adapting to the demand and emerging issues in a sustainable environment. way.”
Additionally, FOS is investing an additional £14 million in case managers. It’s about giving leaders more responsibility and reducing business queues.
The FOS said it would continue to look for opportunities to resolve cases more quickly.
In the next fiscal year, FOS expects to receive approximately 177,000 new complaints and resolve 220,500.
Additionally, the FOS has increased its budget for 2022-23 from £245.7m to £291.7m. He said he would be invested in tackling the backlog of cases.
FOS will also seek to reduce the number of free cases available. This is to reduce its cost base.
As a result, the FOS expects the cost base for 2022-23 to be lower than the £293.8 million it had forecast. He is expected to be around £291.7million instead.
This will still be an 18% increase on the £249.4million taken for the current year.
The mediator is looking to fund this through an increase in levies from £10m to £106m and cuts to its cost base.
FOS also aims to reduce the number of free cases for individual businesses from 25 to three.
Businesses in its group account fee arrangement will receive 15 free cases instead of 50, while fees for individual cases over the free case limit will remain at £750.
FOS Director General and Chief Ombudsman Nausicaa Delfas said, “Over the past financial year, we have taken important steps to put FOS on a better path for the future. We published our action plan, as well as our periodic review, and we reduced our backlog of cases.
“Over the next fiscal year, we will invest to radically change our performance, developing our technologies and implementing our new operating model.
“The changes we are making will help provide better service to all of our customers and allow the organization to become financially viable for the future.”