The Monetary Ombudsman Service expects the variety of complaints it can obtain this yr to hit 210,000 – almost 30,000 increased than predicted in December.
The FOS has raised its anticipated complaints determine after discussions with enterprise and client teams.
The federal government-backed organisation is anticipating extra complaints associated to fraud and scams, unaffordable lending and bank cards.
The Monetary Ombudsman Service says it expects to obtain 12,800 funding and pensions complaints this yr, of which it says “only a few” will likely be concerning the British Metal Pension Scheme.
The FOS says that regardless of the speedy rise in grievance numbers anticipated it has pledged to resolve complaints faster with “extra stretching targets for the yr forward.”
The Ombudsman has additionally confirmed that decrease case charges and levy prices ought to scale back the general value to the business of its grievance dealing with service by over £60m in actual phrases.
The case charge will likely be lower by £100 per case to £650, whereas the obligatory and voluntary jurisdiction levy prices to companies will even be diminished.
Particulars of the upper figures are revealed in the present day in its remaining plans and funds for 2024/25.
In December the FOS forecast it might obtain round 181,300 new instances in 2024/25 however it has now raised that quantity by 28,700 to 210,000.
The Ombudsman says it has made efforts to enhance its service and has diminished the time it takes to resolve a case from 4.8 months in 2022/23 to 2.96 months by the final three months of 2023/24. It has additionally set itself a brand new goal of resolving 90% of instances inside six months.
Abby Thomas, FOS chief government and chief ombudsman of the Monetary Ombudsman Service, stated: “The Monetary Ombudsman Service continues to make vital enhancements within the service we provide, getting prospects choices extra shortly whereas sustaining the prime quality of our work. We will likely be much more formidable subsequent yr, with plans to resolve complaints sooner, whereas additionally lowering the price of our service to companies.
“Within the yr forward it’s probably that our service will see growing ranges of complaints, with lots of these disputes anticipated to deal with the crucial points that influence individuals’s on a regular basis lives. This consists of perceived unaffordable lending, issues about automobile mortgage agreements and disputes round fraud and scams.”
The Ombudsman has dedicated to resolve 17% extra instances within the yr forward than in 2023/24, up from 192,500 to 225,000. The FOS plans to recruit extra case handlers and make investments extra in digital companies and broaden its regional presence.
Ms Thomas added: “With uncertainty round casework ranges within the yr forward, we’re constructing a service which is versatile and agile, permitting us to reply to elevated demand throughout any space of our enterprise.
“Our plans will assist be sure that the client is on the coronary heart of the whole lot we do. We wish each one who engages with our service to obviously perceive the end result of their case. Now greater than ever it’s essential that companies work with us to enhance all prospects’ experiences of monetary companies.”
