The Financial Ombudsman Service is looking to streamline its processes after an independent review expressed concern about backlogs in the EDRs disputes process.
In March this year, CameronRalph Navigator released a comprehensive review of FOS' operations, showing concern for the EDR scheme's speed in dealing with disputes.
"We think that these issues with timeliness and FOS process are limiting stakeholder ability to reasonably evaluate other aspects of FOS’s performance. From our discussions, we see that there is a level of frustration that is colouring stakeholder relationships with FOS. Despite FOS’s external engagement being widely seen as more professional and systematic, FOS is still perceived by some stakeholders as somewhat bureaucratic, defensive and unresponsive," the review said.
FOS has now proposed changes to streamline its processes and clear disputes more quickly.
In proposed changes to its terms of reference, the EDR has unveiled plans to create a new class of decision-makers known as adjudicators. Adjudicators will manage smaller, less complex disputes. It will also streamline the process for lodging disputes, and reduce the timeframes for objections to its decisions.
