The Financial Ombudsman Service (FOS) received 40% more complaints in the first six months of the year than originally forecast.
In its latest plans and budget consultation, which revealed how it is managing coronavirus, the FOS said complaints include those linked to the pressures and disruption the pandemic is creating for lives and livelihoods in the UK.
"As I write, new complaints continue to reach us in far higher volumes than we’d budgeted for," Caroline Wayman, chief ombudsman & chief executive said.
The consultation said the main issue is between easing the regulatory burden on firms that pay the FOS levy while remaining adequately funded.
In March, the FOS introduced revised funding arrangements for its 2020/21 budget due to COVID-19.
The ombudsman froze all minimum levies at 2019/20 levels and said it would absorb the cost of these changes using reserves. It budgeted to end 2020/21 with a deficit of £53m but the latest forecasts show a deficit of £43m.
Latest News
-
Later life lending value increases 20% in Q2
-
Company ownership dominates larger UK BTL portfolios
-
United Trust Bank creates new real estate finance division
-
UK tax receipts rise £19.1bn
-
Fiscal drag prompts one in six workers to reconsider pay rises
-
SIPP reforms risk 'information overwhelm' as firms call for clarity
Mortgage Advice Bureau and AI in the mortgage sector
Chief executive officer at Mortgage Advice Bureau, Peter Brodnicki, and founder and managing director at Heron Financial, Matt Coulson, joined content editor Dan McGrath to discuss how Mortgage Advice Bureau is using artificial intelligence to make advancements in the mortgage industry, the limitations of this technology and what 2026 will hold for the market
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories