Phoenix Group has made 129 offers to proactively resolve consumer complaints as part of a temporary initiative launched by The Financial Ombudsman (FOS) aimed at encouraging businesses to settle complaints more quickly.
The results of the temporary initiative highlighted that Phoenix paid out approximately £47,000 in total redress to more than 100 consumers. Most of the 129 offers made were from Phoenix's ReAssure arm and covered pension complaints, specifically related to customer service or administration issues, according to the FOS. The initiative, which ran between 1 November 2021 to 31 March 2022, sought to make temporary changes to the reporting of the outcomes of proactively settled complaints, such that those proactive settled complaints were not recorded as "upheld," by the FOS, and did not co...
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