| Link(s): | Ombudsman News 176 (financial-ombudsman.org.uk) Ombudsman News 177 (financial-ombudsman.org.uk) |
Context
FOS has published Ombudsman News 176 and Ombudsman News 177 in which it shares:
- details on its roundtable discussion on motor insurance complaints and its recently published Annual Report and Accounts for 2021/22; and
- its plans and budget consultation for 2023/24 (see the article below) and newly published online guidance for consumers and financial businesses about financial difficulties with mortgages.
Key points to note
- In a recent roundtable discussion on motor insurance, Ombudsman Leader and Head of Practice for motor insurance, Rachel Lam, shared insight with insurers and brokers about the cases it is seeing and its approach to complaint-handling.
- FOS Annual Report and Accounts for 2021/22 sets out the activity of the FOS within the last financial year.
- It announced the appointment of Jenny Simmonds to the role of Chief Finance and Risk Officer at the FOS.
- The FOS has published a Feedback Statement that sets out its response to the submissions received to the Discussion Paper published in June 2022, on creating a funding model for the future.
- Ombudsman Leader, Constance Chinhengo, attended a recent ABI event to talk about the FCA’s new Consumer Duty and the role of the FOS.
Next actions
Firms should review the efficiency of complaints handling procedures to minimise complaint handling timelines to prevent them from incurring unnecessary FOS case fees, minimising the internal costs of dealing with them and the risk of law firms and CMCs targeting them. Firms should also consider that complaints information plays an important part and feeds into the Consumer Duty and the new overarching Consumer Principle that “a firm must act to deliver good outcomes for retail customers”.