Abby Thomas speaks at FCA event: The Consumer Duty – one year on

Chief Executive and Chief Ombudsman, Abby Thomas, has delivered a keynote speech today to mark the anniversary of the Consumer Duty.

The financial services regulator, the Financial Conduct Authority, held the event today to mark one year since the Consumer Dutycame into force for new and existing products. From today, the Duty also applies to closed products and services.  

Speaking today at the FCA’s Consumer Duty: 1 Year On event, Abby Thomas, Chief Ombudsman and Chief Executive at the Financial Ombudsman Service said:

The Consumer Duty has meant firms need to focus even more on the outcomes that customers receive.

Over the last year, we’ve continued to take action where we think businesses haven’t treated customers fairly, and in line with the requirements under the Duty.

I urge firms to ask themselves whether they’re supporting their customers in the way they’d expect to be supported in the circumstances. We want to help firms resolve complaints fairly first time, without the need for a case to come to us, which is why we share insight for businesses to identify ways to improve their systems or processes. This should reduce more complaints further down the line.

The Consumer Duty came into force at a time of significant change for the Financial Ombudsman Service. I’m really proud that we’ve reduced the median time it takes to resolve a case, from 4.8 months in 2022/23 to around three months in 2023/24.

It is free for consumers to bring a complaint directly to our independent and simple to use service.”

Latest news

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

15 July 2025

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.

Press release

Read more 

Financial Ombudsman Service announces change to compensation interest levels

15 July 2025

Today we announced plans to change the interest rate applied to the compensation awarded to consumers.

Press release

Read more 

Financial Ombudsman Service receives over 305,000 complaints in 2024/25

2 July 2025

Financial complaints are at their highest level in six years, according to new annual figures.

Annual data Complaints data Annual report Press release CMC

Read more