Ombudsman News 190
8 April 2024
Welcome to the latest edition of Ombudsman News. In this edition, we highlight our Plans and Budget for 2024/25 and changes to our award limits. We also share details of roles we’re currently recruiting for.
The Financial Conduct Authority (FCA) has approved the Financial Ombudsman Service’s 2020/21 budget.
The Financial Conduct Authority (FCA) has approved the Financial Ombudsman Service’s 2020/21 budget. Read the fees instrument on the FCA handbook website.
The ombudsman service is committed to playing its part in supporting UK consumers and businesses through the Covid-19 (coronavirus) crisis – especially in light of the clear increased potential for financial hardship and vulnerability.
Recognising the unprecedented impact on firms, the service has revised its funding arrangements for the coming year. The revisions represent a combination of targeted interventions to benefit smaller firms, and broader steps to benefit other firms that contribute to its funding.
At the same time, the budget will help the ombudsman to provide the effective service that businesses and their customers are relying on at this extremely challenging time.
In summary, in 2020/21:
The ombudsman service will absorb the cost of these changes – which amount to £25.4m in total – by reducing its reserves.
The service’s wider plans will be published next week. This will include an explanation of the differences between its final and consultation budgets, as well as a summary of the feedback received to its consultation.
Chief ombudsman & chief executive Caroline Wayman said:
The Covid-19 crisis is unprecedented – and at the moment, it’s simply not possible to anticipate the nature and scale of its consequences for lives and livelihoods.
But it’s already clear that the businesses we cover will have a key part to play in mitigating Covid-19’s worst effects.
In close collaboration with the FCA, we’ve worked hard to ensure we’re playing our part minimising the pressure businesses are facing.
And we’re committed to resolving any complaints that arise – sharing what we’ve seen to prevent the same problems happening again.
It’s also vital that we do all we can to support our own people – including ensuring those who are personally more vulnerable, or who are caring for others, have the flexibility to do what they need to.
We’ll keep in touch with all our stakeholders as the year develops.
8 April 2024
Welcome to the latest edition of Ombudsman News. In this edition, we highlight our Plans and Budget for 2024/25 and changes to our award limits. We also share details of roles we’re currently recruiting for.
4 April 2024
Today we published our final Plans and Budget detailing the next phase of our transformation, whilst confirming the increased caseload we expect in the upcoming financial year.
13 March 2024
The Financial Conduct Authority (FCA) has confirmed an increase to our award limits from 1 April 2024.