Simon Goryl: FOS changes should focus minds on complaints procedures

FOS limit up from £150,000 to £350,000

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Simon Goryl: To achieve meaningful improvements, businesses must be prepared to act on what their analysis tells them."
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Simon Goryl: To achieve meaningful improvements, businesses must be prepared to act on what their analysis tells them."

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...

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