FOS annual report and accounts 2018/2019

Regulatory Updates | 15/07/19

The Financial Ombudsman Service (FOS) has published its annual report for 2018 to 2019. In the report, the FOS sets out, amongst other things, its commitments for 2018/19 and how it sought to meet those commitments. It further discusses the complaints it dealt with in 2018/19 confirming that it received in total 388,392 complaints this year (up 14% on the year before).

In the report, the FOS discusses its strategic horizons programme using three time horizons as a framework for thinking about and planning for the future. The most immediate planning period – Horizon One – comprises its work on improving existing processes and ways of working. This extends to the FOS’s two new jurisdictions for complaints about CMCs and from more small businesses, as well as its existing areas of work. Improvements to communication and accessibility will be supported further by the FOS’ new website and customer portal when this is available later in 2019. In its second time horizon, Horizon Two, the FOS is developing plans to play its part in bringing PPI misselling to its conclusion. Horizon Three looks further into the future, considering how the FOS will need to evolve in the next five to ten years.