Financial Ombudsman Service  

Fos improves tech amid cutting case backlog by 59%

Speaking at a session with the Treasury Committee at the time, Baroness Zahida Manzoor, chairperson at the Fos said when she took over in her role in 2019, around 45 per cent of investigators had been with the service for less than two years.

In its update, the Fos said it achieved a staff engagement score of 79 per cent, against a target of 70 per cent.

It also said it improved productivity by 12 per cent. 

However despite this, the Fos said it did not meet its target of 20 per cent for senior managers identifying as being from Black, Asian and minority ethnic backgrounds and instead achieved 16 per cent.

Representation of minority ethnic colleagues in the whole organisation stood at 35 per cent and the update said the Fos continued efforts in recruitment and  targeted intervention for under-represented, with a focused action plan to reduce its pay gap form a key part of the plan to improve representation at a senior level.

Around 45 per cent of its senior managers are female, which is 5 per cent short of its target.

Despite this, the Fos said it has improved our female representation at this level by 4 per cent since 2019.

Overall turnover steadily increase from 9.7 per cent in April 2021 to 26.6 per cent by March 2022 which included planned redundancies, which were originally intended to take place in 2020/21, but mainly came into effect in the second quarter of 2021/22.

Its statement said: "Without the planned redundancies, our attrition level was 17.3 per cent. By the start of Q3, attrition levels had increased to 21.3 per cent as the country emerged from the pandemic and opportunities opened.

"Last year’s attrition figure was also lower than expected as a result of fewer people moving jobs during the pandemic."

In December, the Fos pledged to go “further and faster” as it launched an action plan addressing the changes it will make to its operating model.

Following this, the Treasury Committee session wrote to the Fos about its action plan in, requesting further information on its new action plan to tackle its case backlog.

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