FCA/FOS to continue 'working closely with the government' on redress reform

Both the FOS and the FCA embarked on their mission for modernisation in July last year, unveiling a set of reforms aiming to strengthen coordination between them and improve consistency in how regulations are interpreted and applied. They also set to give clearer expectations for firms to report issues earlier, supported by practical guidance on identifying and resolving complaints. In addition, the proposals set out industry guidelines for recognising issues with wider implications before they lead to a surge in complaints, while streamlining the FOS complaints process to ensure cases a...