The Financial Ombudsman Service (FOS) is to proceed with proposed changes to the way it reports how case were resolved, with the addition of a “proactively settled” label when certain criteria are met.
It follows a consultation on the plan, released in early March, and positive feedback received. It said the temporary alteration would run for the 2023/24 financial year. The consultation outlined changes to the way the body reports business-specific complaints data giving firms the option to "proactively settle" claims within 14 days. It said the changes were designed to incentivise firms to settle complaints "proactively" where the FOS was 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...
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