FOS secures up to £22 million in redress for consumers

FOS has published the results of a temporary outcomes code initiative launched in November 2021

As a result of the work done by the FOS, more than 90 businesses has resulted in 6,877 offers being made to customers and up to £22 million has been secured in redress for customers. This included more than £10 million of redress in “authorised” scam complaints, with over 2,000 victims being refunded the money they had lost. The average offer to customers made through the initiative was £3,200 per case.

FOS’ initiative has helped resolve around 4,800 customer complaints about a wide range of issues including e-money services, personal loans, motor finance and credit card purchases.

Harshil Patel