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 framework, so it better serves consumers and provides greater stability for firms to invest and innovate.
The current redress framework works well for individual customer complaints about specific issues. However, challenges can occur when there are large numbers of complaints about the same issue (described as ‘mass redress events’).
The regulators are also committed to improving how they work together and with industry and consumer groups through the Wider Implications Framework, to help prevent the escalation of issues that can result in mass complaints and create significant redress liabilities for firms.
The deadline for views is 30 January 2025. If you would like to feed your views into the BVRLA response or have any questions, contact [email protected].
