The Financial Services Compensation Scheme has committed to delivering better outcomes for consumers and financial services firms in a five-year strategy published today.
The FSCS says it will meet changing consumer expectations by providing an online claims service within the next two years, and handling 60 per cent of all claims online in the next five years.
It says this will help to cut the time taken to complete a claim from six months to three months by 2017 and to reduce costs.
The FSCS has also pledged to continue raising consumer awareness, committing to increasing the proportion of adults who are aware of the FSCS or a protection scheme from 50 per cent to 70 per cent over the next five years.
The FSCS also says it will be more open, accountable and transparent to the industry that pays for it.
It says by 2018/19, firms will receive more advance information about the potential impacts of firm failures, and will get more certainty about future levies.
FSCS chief executive Mark Neale says: “Our vision puts consumers and the industry at the heart of what we do. We plan to deliver for them.
“Consumers want more flexible services and the industry wants us to be more transparent and accountable – after all, they are the people who pay for the protection we provide for consumers.”