FOS is consulting on its proposed plans and budget for the next financial year (2016/2017). FOS also published an update on the figures for the current financial year (2015/2016). FOS plans to:
- answer 1.7 million front-line consumer problems and enquiries;
- continue to resolve complaints involving payment protection insurance (PPI), of which it expects to receive around 170,000 over the year. It hopes to resolve around 270,000 PPI complaints over the year;
- resolve around 121,000 non-PPI complaints, and receive around 185,000; and
- work to resolve complaints more quickly and effectively.
Proposals to manage and fund this workload include:
- freezing the case fee paid by businesses (only after the 25th case) at £550 for the fourth year running, meaning 99% of businesses will continue to pay no case fee at all;
- aiming for a total operating income held at £223.2 million, slightly lower than forecasted for the current year; and
- funding three-quarters of FOS’s workload through the group-account charging arrangement that covers the eight largest businesses responsible for the most complaints.
FOS notes the Plevin judgment and FCA’s consultation on PPI claims, together with the new rules on complaints handling which will affect complaints patterns.
FOS asks for views by 2 February 2016. (Source: FOS Consults on Plans and Budget for 2016/2017)