Context
The outcome codes initiative began in November 2021 and finished at the end of March 2022. For a limited period, complaints that were proactively settled by businesses before the Financial Ombudsman Service had issued its opinion did not count towards the business’s ‘uphold rate’. The FOS has now published the results of the temporary outcomes code initiative.
Key points to note
- The work by the FOS and more than ninety businesses has resulted in 6,877 offers being made to customers and secured up to £22 million in redress. This included more than £10 million of redress in “authorised” scam complaints, with over 2,000 victims being refunded the money they had lost. The average offer to customers made through the initiative was £3,200 per case.
- Alongside the 2,000 fraud cases, the FOS’s initiative has helped resolve around 4,800 customer complaints about a wide range of issues including e-money services, personal loans, motor finance and credit card purchases.
Next actions
None – for information and awareness