Financial Ombudsman Service publishes its 2023/24 Plans and Budget

by | Mar 31, 2023

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The Financial Ombudsman Service has published its 2023/24 plans and budget which sets out their ambitions for the next financial year.

You can access it here.

In 2023/24, the Financial Ombudsman expects to receive 184,000 complaints and resolve 204,000 complaints.

The Financial Ombudsman Service’s 2023/24 budget includes: 

  • Freezing its individual case fee of £750
  • Freezing its compulsory jurisdiction levy at £106 million
  • Reducing its voluntary jurisdiction levy from £700,000 to £500,000
  • Businesses will continue to get three free cases
  • Group-account fee arrangement businesses will not receive any free cases

Over the last year they’ve made progress in bringing down their backlog and waiting times, but there’s more for them to do to provide the best service to all customers. They’ve identified five areas of focus for 2023/24:

  • To enable customers to self-serve, where appropriate, through our digital transformation programme
  • Ensure quality and timely outcomes, underpinned by operational efficiency
  • Build a workforce for the future – making sure we have the right skills and capabilities, and the ability to meet future demand
  • Design and build an updated funding model for 2024/25
  • Develop a data-driven prevention strategy and using data and insight to improve our performance.

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