The Financial Ombudsman Service (FOS) says it has dramatically reduced a backlog of outstanding complaints made by consumers against financial companies and will not be knocked off course by the cost of living crisis DavidConnett1 reports:
Abby Thomas, Chief Ombudsman, said the service had yet to see an increase in complaints as a result of the cost of living squeeze says it has dramatically reduced a backlog of outstanding complaints made by consumers against financial companies and will not be knocked off course by the cost of living crisis.from 90,000 cases at May 2021 to about 37,000 at March 2022. One in five were resolved within three months, and she said the service was currently resolving 55 per cent of cases quickly.
She said the ombudsman service had yet to see an increase in complaints as a result of the cost of living squeeze. There were high levels of complaints around energy bills but not around financial services, but “we are keeping a close eye on this as it could be a significant trend for us.”Ms Thomas took over at the FOS after Caroline Wayman stepped down in March 2021 under mounting pressure to reduce the unresolved complaints backlog.
FOS investigators had taken on 60 cases involving funeral plans as part of its new responsibilities, and was already talking to the Financial Conduct Authority about the possiblilty of dealing with complaints involvingPlans to introduce mandatory compensation for banking authorised push payment frauds should lead to fewer complaints of that nature. Ms Thomas said.
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