[ad_1]
The number of unfulfilled Financial Ombudsman Service (FOS) orders is declining and the situation “seems to be improving,” said FOS Chair Zahida Manzoor.
According to the FOS, the backlog of cases has dropped from 90,000 cases as of May 2021 to approximately 37,000 as of March 2022.
Manzoor shared the information at a meeting of the Treasury Select Committee today (March 14).
Also testifying was FOS Executive Director and Chief Ombudsman Abby Thomas, who has been in office for only six months.
She told MPs that she was “very impressed with the quality of work” done by FOS and her “decision making”.
Thomas took over this FOS position from Nausicaa Delphas, who served as Interim Executive Director and Chief Ombudsman.
Prior to Delfas, Caroline Weyman was the head of FOS but stepped down in March 2021 due to backlog of unresolved complaints.
Despite the higher numbers, Thomas acknowledged that FOS “needs to increase the pace of operations, which will benefit both customers and companies.”
To deal with the backlog, FOS has moved employees to “more specialized teams” and Thomas said she’s pleased with the progress the service is making.
Manzoor added that the transition period for the new leaders went well and that FOS has “a very engaged workforce and it’s a focused organization.”
Thomas also noted that last year the service increased from 20% to 30% of cases that were resolved in three months. The following year, Thomas stated that he wanted to aim for “more ambitious numbers”.
A recent review of the FOS by an independent assessor stated: “The service has closed the backlog, but progress still needs to be made in some areas to provide fast and efficient services from the outset.”
In response to this statement, Manzoor said that FOS would resolve 205,000 complaints by the end of the year.
Of these 205,000, FOS receives 4,000 complaints and only 500 of them are forwarded to an independent assessor.
Manzoor also said that the FOS executive team meets with the assessor on a quarterly basis.
Thomas said productivity at FOS has also increased from 2022 to 2023, and that the post-Covid hybrid operating model “did no damage.”
Thomas added that hybrid work is a good fit for FOS, with employees spending at least two out of five working days in the office.
Manzoor said the FOS has “set specific targets for the executive board” that 95% of requests will be identified or addressed within five days.
And 90% of the investigations will be completed within three months, and 90% of the second phase investigations will be completed within six months.
[ad_2]
