Consumer Duty likely to increase the number of complaints, FOS says  

The ombudsman has released its plans for the next financial year

Hope William-Smith
clock • 1 min read

Consumer Duty regulations are likely to lead to an increase in the complaints the Financial Ombudsman Service (FOS) says it will receive.

The ombudsman addressed the upcoming regulation today (31 March) with the release of its budget and plans for 2023/24. While it said it only expects the increase in complaints to be "short-term", the FOS noted its stakeholders are "very keen to ensure we are sharing our thoughts as to how the duty may impact our decision making". "Early engagement with stakeholders on any trends or issues arising will be vital to ensure problems are managed quickly and do not become entrenched," it stated. "Stakeholders also believe that professional representatives will likely impact the volume of...

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