14 December 2016
consultation opens on ombudsman's our plans and budget for 2017/2018
The Financial Ombudsman Service today publishes its proposed plans and budget for the next financial year (2017/2018) for public consultation - together with an update on numbers for the current financial year.
The plans and budget set out how next year (2017/2018) the ombudsman is planning to:
The proposals to manage and fund this workload include:
We’d been preparing our plans based on the FCA’s published timetable. On 9 December the FCA announced that it’s still carefully considering the issues raised in its most recent consultation – and will make a further announcement in the first quarter of 2017. We don’t yet know the impact this will have on how quickly we can resolve PPI complaints affected by Plevin – or on how many new PPI complaints we’ll receive next year. We’ll be discussing these issues with our stakeholders, including the FCA, as we consult on our plans over the next month.
Caroline Wayman, chief ombudsman, said;
"Like last year, we're planning for the next financial cycle at a time of ongoing uncertainty in the area with the most significant bearing on our work. As ever, we remain focused on giving quick and fair answers to individual problems, while ensuring we're in a position to respond effectively to future demand for our help.