There are a lot of reasons why people don’t make complaints or submit claims against their Financial Adviser, Pension Provider or any financial institution. But one thing that always puts people off claiming today, is time.
It’s not that most of us can’t wait or are desperate for money, it’s just that when you know something isn’t going to result in compensation or redress for 3 months, 6 months, 12 months or even years, there is always something more important to do today. We get it!
Regardless of whether you use a solicitor like us to manage the entire process for you, we understand that you probably haven’t made a claim before and being in unfamiliar territory is stressful, for anybody, and the longer it is likely to go on the more stressful you probably perceive it to be.
Firstly, we want to assure you that we do all we can to make sure you feel supported through your claims journey. Our dedicated account managers will do all they can to put you at ease and keep you informed every step of the way. What’s more, when you have appointed a solicitor you can refer any and all requests and queries to us. We act for you.
Secondly, the longer you leave it the more chance your claim could be time barred so if you have a concern raise it now. It costs nothing to book a 30 minute consultation with us to establish whether you may have grounds to claim and advise you on the next steps.
Finally, the FOS have reduced their complaints processing time by 57% which means that it’s probably going to take half the time now than it did a year ago! Full details are in the article below.
One last thing… the reductions in levy on both FSCS and FOS show that the financial services landscape is changing and that what the regulators are doing is working. A lot of UK consumers were affected by bad practise in regulated firms, so there is no shame in making a complaint if you feel you have been unfairly treated.
You can call us on 01618401560 or book an appointment here.
The Financial Ombudsman Service (FOS) has made remarkable strides in efficiency, now resolving complaints in less than half the time it took three years ago, according to the latest figures.
For the 2024/25 financial year so far, the median time to resolve a case—from the initial assessment to a binding decision—has been slashed to just 12 weeks, down from 28 weeks in the 2021/22 financial year. This represents a 57% reduction in processing time.
Moreover, the percentage of cases resolved within the year has doubled, reaching 82%, compared to just 42% in 2021/22.
This improvement is particularly good news for advisers, following the FOS’s earlier announcement that it would significantly reduce its 2024/25 levy—from a forecasted £109.8 million to £70 million.
An update from the adviser trade body Pimfa credits this reduction in processing time to a more focused approach to case management. The FOS has undergone a substantial restructure, including the shift to a specialist model. This reorganisation has seen the establishment of dedicated directorates for pensions and investment experts, alongside increased investment in casework capacity and the creation of new functions such as a data science team.
Pimfa also pointed out the impact of ‘digital transformation’ at the FOS, which includes automating the tagging of cases to specific sectors and the automatic allocation of cases to caseworkers with the right expertise.
The FOS is also considering further enhancements to streamline the claims process, such as the use of AI for ‘case summarisation’ and the introduction of an online service for claims management companies (CMCs) to submit comprehensive case files.
The FOS has noted a steady rise in the number of claims brought forward by CMCs and solicitors and is consulting on a new fee model that could see CMCs charged up to £250 per complaint submission.
In related developments, the Financial Services Compensation Scheme (FSCS) has also reduced its adviser levy. Firms within the FSCS’s life distribution and investment intermediation class will now face a combined charge of £66 million in 2024—a significant reduction from the original forecast of £140.4 million.
