Context
The Financial Ombudsman Service has published issue 165 of Ombudsman News, in which FOS shares details about its refreshed guidance for making awards of compensation for distress and inconvenience. FOS also highlights its consultation about temporary changes to reporting the outcomes for certain complaints, and how firms can share their responses with FOS (this issue was covered in our regulatory update last week).
Key points to note
There are five main items covered in Ombudsman News 165:
- Helping financial businesses understand the FOS approach to distress or inconvenience:
- FOS has refreshed its guidance on making awards for distress or inconvenience. To provide more detailed guidance that will help financial businesses and their customers reach a fair outcome.
- Awards for distress or inconvenience – what businesses need to know:
- FOS is providing more detail in its online guidance on making awards for distress or inconvenience.
- Awards for distress or inconvenience – guidance for consumers:
- FOS has refreshed its information for consumers, to help them understand when they might make this kind of award – and, if they have made a complaint, to understand whether they’ve been treated fairly.
- Our consultation on a temporary proposed change to reporting the outcome of certain complaints:
- Following unprecedented demand for help during the pandemic, in particular over the course of last year, FOS is exploring a range of initiatives to help it move faster and reduce customer waiting times, including a temporary proposed change to how it publishes firm-specific complaints data. There’s still time to send your response to the consultation, which is open until Monday 18th October.
- Our recent consumer credit workshop:
- FOS has hosted an online workshop for members of the Consumer Credit Trade Association (CCTA). FOS’ Ombudsman Leaders for consumer credit spoke to lenders about its approach to unaffordable lending complaints, as well as sources of information and support for businesses as part of FOS’ commitment to sharing insight to help prevent complaints arising.
Next actions
None – for information and awareness.