On 16 December 2019, the Financial Ombudsman Service (FOS) published a consultation paper on its proposed plans and budget for the next financial year (2020/2021). The FOS is seeking views on, among other things, the following:
- its projections for the volumes of complaints it will receive and resolve in 2020/21 and its perspective on identified trends;
- how its claims management companies and small and medium-sized enterprises jurisdictions have been operating;
- its proposed budget and funding arrangements for 2020/21; and
- its future strategy, which is based on three key priorities of enhancing its core service, preventing complaints and unfairness arising and preparing for the future.
The deadline for comments to the consultation is 31 January 2020. The FOS expects to publish its final plans and budget for 2020/21 by 31 March 2020.