Redress system reforms to prevent compensation delays and provide predictability needed for innovation - IFA Magazine

FCA Wants to Modernise The Redress System

Some would say it’s long overdue, others might think that people who say they have read the terms and conditions of a loan, or lease contract, including the interest rate, should be responsible for their [...] The post FCA Wants to Modernise The Redress System appeared first on .

New reform of redress system announced - Credit Connect

The Financial Conduct Authority (FCA) and Financial Ombudsman Service (FOS) have announced reforms with an aim to modernise the financial redress system to help prevent it from becoming overwhelmed, delaying consumer compensation. Currently, the majority of complaints are resolved by firms, and the redress system works well for individual cases that come to the Financial Ombudsman. But high volumes of complaints on specific or novel issues can j…

Ten-year 'long stop' proposed as part of plan to modernise redress system

The introduction of a ten-year 'long stop' is among the plans to modernise the financial redress system. The proposal, to require complaints to the Financial Ombudsman to be brought within a decade from when they occur, has been largely praised by the sector. Until now,… The post Ten-year ‘long stop’ proposed as part of plan to modernise redress system appeared first on Money Marketing.

FCA and FoS to work on disputes, FoS confirms lower consumer payouts – Mortgage Strategy

The Financial Conduct Authority and the Financial Ombudsman Service plan to work together on high-volume complaints between consumers and firms to cut the time it takes to settle disputes. Both bodies, like several City regulators, are under pressure to relax regulations to fall in line…The post FCA and FoS to work on disputes, FoS confirms lower consumer payouts appeared first on Mortgage Strategy.

Redress system reforms to prevent compensation delays and provide predictability needed for innovation - IFA Magazine

The Financial Conduct Authority (FCA) and Financial Ombudsman Service are seeking to modernise the financial redress system to help prevent it becoming overwhelmed, delaying consumer compensation. Currently, the majority of complaints are resolved by firms, and the redress system works well for individual cases that come to the Financial Ombudsman. But high volumes of complaints on specific or novel issues can jam the system and cause significan…

FCA, UK Financial Ombudsman Service seek to modernise redress system

The FCA and Financial Ombudsman Service are seeking to modernise the financial redress system to help prevent it becoming overwhelmed. The post FCA, UK Financial Ombudsman Service seek to modernise redress system appeared first on FX News Group.