The Financial Ombudsman Service (FOS) received 40% more complaints in the first six months of the year than originally forecast.
In its latest plans and budget consultation, which revealed how it is managing coronavirus, the FOS said complaints include those linked to the pressures and disruption the pandemic is creating for lives and livelihoods in the UK.
"As I write, new complaints continue to reach us in far higher volumes than we’d budgeted for," Caroline Wayman, chief ombudsman & chief executive said.
The consultation said the main issue is between easing the regulatory burden on firms that pay the FOS levy while remaining adequately funded.
In March, the FOS introduced revised funding arrangements for its 2020/21 budget due to COVID-19.
The ombudsman froze all minimum levies at 2019/20 levels and said it would absorb the cost of these changes using reserves. It budgeted to end 2020/21 with a deficit of £53m but the latest forecasts show a deficit of £43m.
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