Chancellor Rachel Reeves yesterday evening outlined plans for Financial Ombudsman Service (FOS) reforms, and as of lunch time today we now have more clarity on just what this might look like.
The Financial Conduct Authority (FCA) and the FOS have launched a call for input, with a big focus on tackling "mass redress" events like the PPI and British Steel Pensions Scheme (BSPS) case influxes. Funnily enough, the FCA doesn't currently have a formal definition of a "mass redress" event in its handbook – we may well see that change. Stakeholders have until the end of January next year to consult on 27 questions, ranging from timeline and time-limit changes and a two-stage complaints process return to putting an onus on professional representatives like claims management compani...
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