Context
Acknowledging interest from businesses and consumer groups about how it is preparing for the introduction of the Consumer Duty, FOS has set out its approach.
Key points to note
- FOS has spoken to a range of businesses, trade bodies and consumer groups since the Duty was announced to discuss firms’ preparations and any concerns and challenges they may have.
- As complaints come to FOS, its focus will be on resolving cases, sharing its approach with businesses, and publishing insight on complaint volumes and trends over time.
- FOS points out that the underpinning concepts of fairness and reasonableness within the Duty are similar to the overall ‘fair and reasonable’ approach that FOS already takes.
- FOS will continue to speak to firms once the Duty comes into force to understand the early complaints they are receiving and how they are responding.
- FOS has previously shared its thoughts on the Consumer Duty.
Next actions
None – for information and awareness.