On the day the new FOS compensation limit kicks in, Simon Goryl considers how financial service firms can look to reduce complaints numbers and improve the effectiveness of their complaints management process
As of today (1 April), the maximum compensation award the Financial Ombudsman Service (FOS) can require firms to pay out has more than doubled, rising from £150,000 to £350,000. In addition, the number of small businesses that can now use the FOS service has also increased. Historically, only consumers or businesses that meet the European Union's definition of a ‘micro-enterprise' have been able to raise FOS complaints cases - with the latter classified as businesses with up to 10 employees and an annual turnover of €2m (£1.72m) or less. Expanded eligibility now means businesses with up ...
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