Lawmakers 'Concerned' Over Ombudsman Budget, Backlog
Law360, London (January 29, 2021, 1:02 AM GMT) -- Parliament's Treasury Committee said on Friday that it has "concerns" about the operation of the Financial Ombudsman Service, particularly about its rising budget and backlog of cases.
The committee said it has written to the Ombudsman Service, which settles disputes between finance companies and consumers, saying they want the body to cut the time it takes to handle complaints and to reduce its growing build-up of unprocessed cases.
Treasury Committee Chairman Mel Stride told Caroline Wayman, chief executive and chief ombudsman at the FOS, that lawmakers are also worried about the service's rising budget.
"As the committee expressed in our recent...
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