The Financial Ombudsman Service has successfully cleared a “significant” backlog of dispute cases, after streamlining the disputes process.
FOS Board Chairman Professor Michael Lavarch says a new report has shown that a raft of changes prompted by an independent review in 2013 had been successfully implemented, with a new, speedier dispute resolutions process introduced in July.
“While it is still early days, FOS is already seeing the benefits of more active engagement with applicants and financial services providers much earlier in the dispute process, fewer FOS touchpoints, and the ability to apply FOS expertise right from the start of FOS’s involvement with applicants and financial services providers,” he says.
“The changes implemented are not only about reducing the time taken to resolve disputes. At their heart, they are designed to improve the quality of the experience for both applicants and members.
“Our efforts to continue improving the quality of our dispute process remain a key focus of the FOS Board.”