The Financial Conduct Authority (FCA) and Financial Ombudsman Service have published a joint call for input to seek views on how to modernise the redress system, so it better serves consumers and provides greater stability for firms to invest and innovate.
The organisations will also improve how they work together, and with industry and consumer groups through the Wider Implications Framework, to prevent the escalation of issues that can result in mass complaints and create significant redress liabilities for firms.
This follows the Chancellor’s callsLink is external for greater cooperation between the organisations to give firms a more predictable regulatory environment that supports UK growth and international competitiveness.