The Financial Ombudsman Service (FOS) will have significantly reduced its backlog by the end of the year, according to Chief Ombudsman Shane Tregillis.

In its 2014/15 business plan, released last week, FOS says it will redesign its processes to provide earlier guidance on the merits of disputes and faster dispute assessments.

The two-step lodgement process will be replaced by a one-step system, and decisions on simpler and lower-value disputes will be fast-tracked.

FOS will develop electronic document exchange between the code compliance and monitoring team and financial services providers.

Last financial year stakeholders gave FOS an overall satisfaction score of 62% for its engagement with them. FOS received 31,680 disputes in the year, down 2% on 2012/13, and closed 33,450 disputes, down 1%.

Its website received 586,777 hits, a rise of 7%, and the service handled 221,900 phone calls, which was 5%, down on the previous reporting period.