Financial Ombudsman Service appoints Chief Operating Officer
8 January 2025
The Financial Ombudsman Service has announced the appointment of Marc Harris as Chief Operating Officer.
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
Financial Ombudsman Service receives more than 4,800 new cases from businesses
16 December 2024
The Financial Ombudsman Service for small businesses has received more than 4,800 new cases from businesses so far this financial year, new figures have revealed.
High demand for Financial Ombudsman Service continues while business fees remain at lower levels
11 December 2024
The Financial Ombudsman Service will keep costs lower for businesses and further improve its value for money as it faces continued high demand in the year ahead, according to proposals published today.