The Financial Ombudsman Service (FOS) is been urged to consider charging a case fee before the complaint has been resolved and closed, as part of a drive for better efficiency.
A review by the National Audit Office (NAO), published today, said this was one way the organisation could meet the "highly volatile" demand it will continue to face over the coming years. It pointed out the FOS has seen a 376% growth in number of cases it has had to handle since 2001/2, while it has also experienced a 214% increase in operating costs over the same timescale. The NAO said the service should "develop a more complete understanding of the factors that are driving its unit costs so that it can begin to address the causes of the increases it has experienced". Among the ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
