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To ask the Chancellor of the Exchequer what recent representations he has received on the time taken by the Financial Ombudsman Service to deal with complaints; what monitoring takes place of the time taken by the Financial Ombudsman Service to respond to complaints; and if he will make a statement.
The Government have received representations regarding the Financial Ombudsman Service (FOS) following a sudden and unprecedented influx of cases about payment protection insurance and credit card charges, which has meant that waiting times at the FOS are currently longer than the FOS and its users would like.
The Financial Services Authority (FSA) approves the budget of the FOS and has a duty to ensure that the FOS is at all times capable of exercising its functions. The FSA has approved an increase in the FOS' budget enabling it to implement a range of initiatives to deal with this influx and the FOS is confident that the FOS will be able to work through these challenges effectively in the months ahead.