In an update on its plans and budget, the trade body said that it expected to carry forward 70,000 complaints from this year and would exit 2023 and 2024 with a stock of around 47,000 complaints.
The organisation said that it expected to receive 129,650 complaints for banking and credit in 2023 and 2024.
The FOS said that there had been increased levels of complaints linked to lending, especially mortgages, due to interest rate rises.
The firm said that its compulsory jurisdiction levy would stay at £106m and its voluntary jurisdiction levy would fall to £600,000 from £700,000 last year.
It noted that its expected operated expenditure for the upcoming year, barring restructuring was £223m, was in line with last year.
The firm added that its individual case fee would remain at £750 for the third year in a row, and businesses would receive three free cases in most instances.
Firms that are part of the group fee arrangement, who receive no free cases, will have their tolerance and margin reduced from 15 per cent to five per cent.
Another priority is to design and build an updated funding model for 2024 and 2025 and to develop a data-driven prevention strategy and using data and insight to improve our performance
FOS to bring out new service standards
The FOS added that it would continue to resolve cases quickly and introduce new service standards for complaints from 1 April. The service standards focus on timeliness, quality, and customer service.
It continued that it wanted to be more cost effective and would improve casework efficiency, and it wanted to allow customers to “self-serve” through digital portals.
The firm added that it would build a workforce of the future, which includes regional hubs, focusing on diversity equity and inclusion and developing its employee proposition.
