FCA review must examine causes of complaints, says FOS

Last week, the Financial Conduct Authority (FCA) announced it would conduct a review into the ways firms handle complaints because "something isn't working". But deputy chief ombudsman Tony Boorman, speaking at the Regulatory Policy Institute competition and regulation conference this week, said customers of financial services products often found it hard to identify problems when they occurred. He said the industry needed to find a better way for consumers to complain quickly when things go wrong than via claims managers, which are "plain annoying" and "expensive from the perspective...