FOS chief: Consumers have changed forever

clock

Consumer attitudes towards financial services businesses have changed irreversibly, the chief executive of the Financial Ombudsman Service (FOS) has said.

As trust in institutions and established professions has diminished, the public's expectations have risen, according to Natalie Ceeney, writing in the FOS's latest Ombudsman's Focus. Whereas consumers may previously have "put up" with poor service, "perhaps now they just won't", Ceeney wrote. The FOS chief was explaining her outlook for complaints in the coming years. The most recent figures from the service show it handled more than 327,000 complaints in the first half of 2013, a record for the organisation. "I'm convinced that consumer expectations have risen over the last few ye...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

PA360: FCA's Hulme - Targeted support will 'never' replace holistic financial planning

PA360: FCA's Hulme - Targeted support will 'never' replace holistic financial planning

A ‘broader stepping stone’ to fully fledged advice

Isabel Baxter
clock 01 May 2025 • 2 min read
FCA on finfluencer financial harm: 'We need people to sit up and take action'

FCA on finfluencer financial harm: 'We need people to sit up and take action'

Treasury Committee questions regulator on the impact of finfluencers

Isabel Baxter
clock 01 May 2025 • 4 min read
FCA's data reporting cuts: 'A start but fairly low hanging fruit'

FCA's data reporting cuts: 'A start but fairly low hanging fruit'

Impact is yet to be determined but a positive step, commentators say

Isabel Baxter
clock 29 April 2025 • 4 min read