The Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) have unveiled a set of reforms as part of their plan to “modernise” the redress system.
The FOS and FCA released their joint call for input last November in a move to modernise the redress system. Chancellor Rachel Reeves had signalled intent to target financial services redress reform in her Mansion House speech the day before. The FCA and FOS noted that currently, most complaints are resolved by firms, and the redress system "works well" for individual cases that come to the FOS, but high volumes of complaints on "specific or novel issues" can "jam the system and cause significant delays". The latest proposals include: · Improving how the FCA and FOS work toge...
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