FOS has published its proposed plans and budget for the coming financial year with a view to getting comments by 2 February 2016. This will be of interest to those responsible for dealing with complaints.
In the current year, FOS has received 40,000 complaints relating to packaged bank accounts, 105,000 general casework complaints (not including PPI or packaged bank account complaints) and it is expected that 180,000 PPI complaints will be received by the end of the year. Apart from PPI, banking and credit continue to generate the largest volume of complaints.
FOS has set out that it is planning to answer 1.7 million front-line problems and enquiries as well as continuing to tackle complaints relating to banking, insurance and investments. Some of the proposals include keeping the standard case fee at £550 for the fourth year. The number of free cases will remain at 25 and the PPI supplementary fee will continue to be zero. FOS has also proposed to reduce the cost of its service to the financial services sector with an operating income of £223.3million (slightly lower than the current year).