ROAR Insights.

Published by: Financial Ombudsman Service Search for original: Link Key Take Aways The Financial Ombudsman Service is proactively evolving its funding model to better reflect case complexity, demand forecasting, and industry workload distribution, with a focus on fairness and simplicity. A significant shift is proposed towards differentiation of case fees based on either case stage or case outcome, aiming to align costs with effort and minimise cross-subsidisation. The organisation has already introduced charges for professional representatives, with proposals to extend… Read more

Published by: Financial Conduct Authority Search for original: Link Key Take Aways Digital design practices significantly influence consumer understanding and decision-making in financial services. Obscured information—where key facts are made less accessible—dampens product comprehension, particularly around product-specific knowledge. Simplification and timely presentation of information enhance understanding of critical product features. Techniques like clicking through menus or links to access information can diminish consumer comprehension. The presentation of information does not directly impact behavioural outcomes such as accepting offers or borrowing… Read more

Published by: HM Treasury Search for original: Link Key Take Aways The UK government has launched a comprehensive review of the Financial Ombudsman Service (FOS), aiming to enhance its simplicity, impartiality, and effectiveness in dispute resolution. The review seeks to address concerns of regulatory inconsistency where FOS decisions have, at times, acted in a quasi-regulatory capacity, creating uncertainty for firms. A key recommendation is to adapt the ‘Fair and Reasonable’ test, aligning it with FCA rules to ensure decisions are… Read more