Treasury Committee has ‘concerns’ with Financial Ombudsman Service

Regulatory Updates | 29/01/21

Following the Treasury Committee’s evidence session with the Financial Ombudsman Service (FOS) on 9 November 2020, Rt Hon. Mel Stride MP, Chair of the Treasury Committee, wrote to Caroline Wayman, Chief Executive and Chief Ombudsman at FOS.

Following Ms Wayman’s response, Mr Stride wrote a further letter to follow up some points, including:
• The FOS’ proposed budget and funding proposals
• How case handling times and costs will be reduced, whilst ensuring that cases are handled well
• The strategy to reduce the backlog of cases that have not yet been allocated or resolved
• The timescales for how long each stage of a case should take.