Financial watchdog failed to resolve one in five cases within three months
The TelegraphThe financial watchdog failed to resolve one in five cases within three months between 2021 and 2022, data reveal. Of the 164,560 cases received by the FOS between April 2021 and April 2022, only 20 per cent were resolved within three months, 47 per cent within six months, 84 per cent within a year and 96 per cent in 18 months, according to their annual report. Andrea Leadsom MP, a member of the Treasury Sub-Committee on Financial Services Regulations, told the Telegraph: “It’s disappointing if only one in five FOS cases are being resolved within three months. “This year we set ourselves the ambitious target of closing 90 per cent of cases within six months, and we’re already seeing progress - between January and March 2023 the average case took 3.4 months to resolve.
History of this topic
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