Emma RadmoreThe FCA and the FOS have released a Call for Input that seeks to modernise the current redress framework, which the regulators say works well for individual customer complaints but does not deal so well with cases where there are large numbers of complaints about the same issue.
They are seeking views on how, generally, they could modernise the framework but also specifically on the problems that “mass redress events” can cause and what changes could address these. Finally, the call welcomes views on how the FCA and FOS could work better together to ensure they present consistent views.
Separately, there is now an updated MoU between the FCA and the FOS.
The Call for Input closes on 30 January 2025.