FOS consults on changes to business-specific complaints data

Proposals designed to incentivise firms to settle proactively

Jenna Brown
clock • 2 min read

The Financial Ombudsman Service (FOS) has launched a consultation which puts forward potential changes to the way it reports business-specific complaints data giving firms the option to "proactively settle" claims within 14 days.

The two-week consultation, which runs to 20 March, sets out proposals it said are designed to incentivise firms to settle complaints "proactively" where the FOS is yet to issue an opinion by making a longer-term change to how it publishes business-specific complaints data. It explained the move followed a similar initiative launched in November 2021 which it added led to about 100 firms making 7,000 offers to resolve complaints more quickly. It said: "The service has been considering the results and feedback from that initiative to see if we can, and should, take forward something sim...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Dennis Hall's open letter to the FCA: Time to retire RU64

Dennis Hall's open letter to the FCA: Time to retire RU64

'The rule is particularly misaligned with client expectations'

Dennis Hall
clock 01 May 2025 • 2 min read
Complaints against financial services firms fall below 1.8 million

Complaints against financial services firms fall below 1.8 million

All major product groups saw fewer complaints

Sahar Nazir
clock 30 April 2025 • 2 min read
FCA backs artificial intelligence with live testing service

FCA backs artificial intelligence with live testing service

Wants AI to keep the UK competitive

clock 29 April 2025 • 2 min read