Financial complaints have risen by 20% according to latest half-yearly data
1 May 2024
Our newly published data shows the number of financial complaints received in the second half of 2023 rose by a fifth.
Financial Ombudsman talks about new Consumer Duty at ABI’s event
Ombudsman Leader, Constance Chinhengo, attended the ABI’s Webinar on 8 November on the Consumer Duty – From principle to practice: product value and customer communications.
Constance spoke alongside Matt Brewis, Director of Insurance from the Financial Conduct Authority (FCA) about what the new Duty means for the Financial Ombudsman Service and shared some of the ways we’re working with the regulator and stakeholders during the implementation period.
Constance outlined three main points to attendees:
- Our preparation, including that we’re working very closely with the Financial Conduct Authority (FCA) so that we have a consistent and complementary approach to the new Consumer Duty.
- That we won’t apply the duty retrospectively – only applying it to complaints about acts or omissions occurring after the implementation period.
- That we welcome continued engagement with stakeholders, trade bodies and businesses, and hope the new Consumer Duty will help to prevent unnecessary complaints by tackling unfairness at the source.
You can find out more about the new Consumer Duty and how we’re preparing for it in our blog.
Latest news
Ombudsman News 190
8 April 2024
Welcome to the latest edition of Ombudsman News. In this edition, we highlight our Plans and Budget for 2024/25 and changes to our award limits. We also share details of roles we’re currently recruiting for.
Financial Ombudsman increases complaint level predictions as performance continues to improve
4 April 2024
Today we published our final Plans and Budget detailing the next phase of our transformation, whilst confirming the increased caseload we expect in the upcoming financial year.