Insights ¦ Call for Input Modernising the Redress System
Published by: Financial Conduct Authority
Search for original: Link
Key Take Aways
The current redress framework effectively handles individual complaints but struggles with mass redress events involving large volumes of complaints and systemic harm.
Increasing complaint volumes, particularly from professional representatives, can overwhelm firms and the Financial Ombudsman, leading to delays, increased costs, and potential disorderly firm failures.
Greater collaboration between the FCA and Financial Ombudsman is planned to improve early identification and management of issues with wider implications (WWI),… Read more