9 January 2014
consultation opens on ombudsman's our plans and budget for 2014/2015
The Financial Ombudsman Service today publishes, for public consultation, its proposed plan and budget for the next financial year (2014/2015) – together with an update on numbers for the current financial year (2013/2014).
The plan and budget sets out how next year (2014/2015) the ombudsman is planning to:
The proposals to manage and fund this workload include:
Tony Boorman, interim chief executive and chief ombudsman, said:
For the last few years our focus has been on building up our capacity to meet the unprecedented challenges of PPI.
The investment we have made in scaling-up and developing our service is now paying off as we plan for another year of record activity, resolving twice as many PPI cases as we receive. But we’re not out of the PPI woods yet.
While we expect the volumes of PPI complaints to decline, the numbers are still likely to be substantial. Our plans take this into account – but we will still be relying heavily on the patience of consumers and the cooperation of businesses, before we will be able to draw a line under the PPI saga.
Across all of our work we continue to hear that people's dealings with financial businesses remain strained, suggesting a lot more work is required to restore consumer trust in financial services.