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Formal meeting (oral evidence session): The work of the Financial Ombudsman Service

Treasury Committee
The work of the Financial Ombudsman Service

Wednesday 9 February 2022

Start times: 2.00pm (private) 2.15pm (public)


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Financial Ombudsman Service scrutinised by MPs

MPs are likely to use the session to discuss the FOS’ Action Plan, which sets out proposed strategic and operational changes, the FOS leadership’s assessment of the current state of the organisation and how it will improve against the recommendations made in the 2021 Periodic Review.

The FOS’ own financial sustainability is also likely to be examined. The Committee has previously expressed concerns about the FOS’ budget, with the Ombudsman informing the Committee in January 2021 that on average it cost £960 to resolve a case, against a case fee of £650.

The Committee is also likely to explore the FOS’ ongoing backlog of cases and how to reduce it.

Other potential topics include the rise in scam and fraud cases received by the FOS, the effectiveness of the organisation’s customer services, and how the FOS has adapted to responsibilities accepting complaints from small businesses.

Meeting details

At 2.15pm: Oral evidence
Work The work of the Financial Ombudsman Service (Non-inquiry session)
Chair at Financial Ombudsman Service
Interim Chief Executive and Chief Ombudsman at Financial Ombudsman Service

Location

Room 8, Palace of Westminster

How to attend