The Financial Ombudsman Service has written off £900,000 for an abandoned artificial intelligence tool, latest reports reveal.
The complaints watchdog The 2024/2025 annual report and accounts detail how the company has spent £3.5m on delivering its data strategy over the period
This included “designing and building new data warehouses and providing core foundations for developing and strengthening our artificial intelligence and reporting strategies.”
But the documents also mention a “£0.9 million compromise to our document identification Al solution due to a change in the technical solution”.
The downgrade is thought to be related to the decision to move away from a major technology program and instead use an off-the-shelf product.
A spokesperson for the FOS said: “We are implementing a once-in-a-generation program of reform to modernize our services and make them fit for the current economy.
“Continuously implementing changes and improvements is a top priority and we deliver quickly.
“We are harnessing the power of available technologies – including AI – to drive efficiencies and transform our operations, allowing us to become a more agile organization and focus our judgment on the things that matter most.”