The Monetary Ombudsman Service’s (FOS) buyer backlog is reducing and the scenario “appears to be enhancing”, FOS chair Zahida Manzoor has mentioned.
In response to the FOS, it has decreased the backlog from 90,000 instances as at Could 2021 to round 37,000 as at March 2022.
Manzoor shared the knowledge at a session of the Treasury Choose Committee immediately (14 March).
FOS chief govt and chief ombudsman Abby Thomas, who is simply six months into her position, additionally gave proof.
She informed MPs she is “very impressed of the standard of labor” the FOS has delivered and its “resolution making”.
Thomas took over the position on the FOS from Nausicaa Delfas, who acted as interim chief govt and chief ombudsman.
Previous to Delfas, Caroline Wayman was chief of the FOS however she stepped down in March 2021 because of the strain that stemmed from the unresolved complaints backlog on the time.
Regardless of a greater efficiency, Thomas did admit that the FOS “wants to enhance our tempo which might profit each clients and companies”.
As a manner of coping with the backlog, the FOS has moved workers members into “extra specialist groups” and Thomas mentioned she is happy with the progress the service is making.
Manzoor added the transition interval for the brand new chief executives has gone nicely and that the FOS has a “very engaged workforce and it’s a purposeful organisation”.
Thomas additionally famous that previously yr, the service has seen a rise of 20% to 30% of its instances being resolved in three months. For subsequent yr, Thomas mentioned it needs to focus on “extra bold numbers”.
The latest unbiased assessor evaluation of the FOS mentioned: “The service has decreased its backlog however nonetheless has someway to go in some areas to make sure a quick and environment friendly service from the beginning.”
In response to this assertion, Manzoor mentioned that by the tip of the yr FOS would have resolved 205,000 complaints.
Out of these 205,000 the FOS receives 4,000 complaints after which simply 500 of these go to the unbiased assessor.
Manzoor additionally detailed that the FOS govt crew meet up with the assessor on a quarterly foundation.
Thomas mentioned productiveness on the FOS has additionally elevated from 2022 to 2023 and that the hybrid work mannequin carried out after Covid “has not been detrimental.”
Thomas added that hybrid working is an efficient match for FOS and staff go into the workplace for a minimum of two out of 5 working days.
Manzoor mentioned that the FOS “has set some targets for the chief board” which can be 95% of enquiries will likely be signposted or lined inside 5 days.
And 90% of investigations will likely be resolved inside three months and 90% of second stage investigations will conclude inside six months.