Context
FOS has published a consultation on proposed amendments to the way it reports business-specific complaints data. The consultation sets out proposals designed to incentivise businesses to settle complaints proactively where it is yet to issue an opinion by making a longer-term change to how business-specific complaints data is published.
Key points to note
This follows on from a similar initiative the FOS launched in November 2021, which led to around 100 businesses making 7,000 offers to resolve complaints more quickly. It has been considering the results and feedback from that initiative to see if it can, and should, take forward something similar on a more permanent basis.
The consultation sets out proposals designed to incentivise financial businesses to settle complaints proactively where the Financial Ombudsman Service is yet to issue an opinion by making a longer-term change to how we publish business-specific complaints data. It’s one of the measures that the Financial Ombudsman is taking to get answers to customers faster.
The full consultation, and how to respond, is available on the FOS website. The consultation is open for two weeks and closes at 5pm on Monday 20th March 2023.
Next actions
None – for information and awareness.