FOS and FCA reveal next steps for system reform
The Financial Ombudsman Service and Financial Conduct Authority have outlined the next steps on their joint work to modernise the redress system.
The pair stated the shift follows feedback from industry and consumer groups. It comes against a backdrop of an FCA and FOS consultation which closes on 11 May.
Key changes being proposed include:
A new registration stage to ensure that complaints referred to the FOS are ready to be investigated before being allocated to a caseworker. New powers to dismiss complaints that are best resolved in other ways, are more appropriate for courts or another dispute resolution process, or where there hasOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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