The Financial Ombudsman Service (FOS) has published an action plan to improve customer service.
It was published in response to an independent periodic review commissioned by the FOS Board of Directors.
This review was also published today (2 December) and both documents aim to improve the performance of the mediator.
The action plan defines how FOS will offer its services to all of our clients and allow financial disputes to be resolved more quickly.
The action plan is structured around five key themes:
- A new operating model to respond to a changing environment, making it more effective and efficient to resolve cases faster.
- Improve technology and digital capabilities, to boost productivity and make it easier and more efficient for clients to choose how they interact with the Financial Ombudsman Service.
- Strengthen engagement with our stakeholders and take a robust and proactive approach to prevent complaints and injustices to ensure that we together resolve issues effectively.
- Develop the current strategy to further improve the financial ombudsman service, using the knowledge of handling cases in a timely manner to avoid further harm to consumers.
- Explore revisions to our funding model to ensure a sustainable future.
FOS President and Baroness Zahida Manzoor said: “The Board of Directors has commissioned this independent review to gain an unbiased perspective on current and future challenges. With an ongoing commitment to fairness and fairness as core principles, we are now entering a new phase for our organization.
“As we move forward, we value our strong working relationship with the Financial Conduct Authority, the regulatory family at large, and look forward to working together to prevent and address harm to our customers. This action plan will help the FOS to play its role.
Nausicaa Delfas, Interim Executive Director and Chief Ombudsman of FOS, added: “FOS is at a crossroads. The action plan is our commitment to continue to make the changes we need to resolve customer complaints faster.
“We’re going to change our operating model, take advantage of technology and make sure we share our knowledge to avoid complaints in the first place. This builds on the work we have already done to cut our order book by almost half so far this year.
“This review has given us the opportunity to reset and move forward, and we are determined to seize it.”